• Bitcoin miner Marathon Digital plans to raise up to $805 million to buy more Bitcoin (BTC)
• The company recently acquired 6,484 BTC for $618 million at an average price of $95,352 per BTC
• With favorable regulation expected, Bitcoin is predicted to reach a six-figure value in 2025, prompting companies like Marathon Digital to accumulate more BTC
Bitcoin mining company Marathon Digital recently announced plans to raise up to $805 million to purchase more Bitcoin. This comes after the company’s recent purchase of $618 million worth of Bitcoin, equating to 6,484 BTC.
Marathon Digital Looking to Capitalize on Bitcoin’s Success
The price of Bitcoin has surged over the past month, now sitting just below its all-time high of $99,000. The cryptocurrency is up over 36% in the last 30 days, presenting a prime opportunity for companies to acquire more Bitcoin.
Marathon Digital is one of the companies looking to capitalize on Bitcoin’s recent success. After announcing plans to raise $1 billion last month to purchase more Bitcoin, the company now aims to raise up to $805 million more for additional acquisitions.
Previous Bitcoin Purchases
According to an SEC filing, Marathon Digital recently acquired 6,484 BTC at an average price of $95,352. That equated to a $618 million Bitcoin purchase.
While the price tag is substantial, it could end up being a worthwhile investment given Bitcoin’s potential in the coming years.
The Future is Bright for Bitcoin
With favorable regulations on the horizon, many experts predict Bitcoin will reach six figures by 2025. The U.S. government has even discussed implementing a strategic Bitcoin reserve, which could drive the price even higher.
By raising additional funds to accumulate more Bitcoin, Marathon Digital aims to benefit from future price appreciation. The company joins the likes of MicroStrategy in employing this acquisition strategy.
