New data from market intelligence firm Lookonchain reveals that Bitcoin (BTC) mining company Marathon Digital accumulated hundreds of millions of dollars worth of the crypto king following a convertible note offer.

In a thread on the social media platform X, Lookonchain finds that Marathon Digital initially acquired nearly $140 million worth of Bitcoin after closing its second convertible note offering.

“On-chain data shows that Marathon Digital (MARA) acquired another 1,423 BTC ($139.5 million)…

This comes after MARA announced [on December 5th] the closing of its second $850 million convertible note offering, primarily aimed at purchasing Bitcoin and partially repurchasing existing notes due in 2026.”

A convertible note offering allows a firm to issue short-term debt that can eventually be converted into company shares at a predetermined time as a means of raising funds.

A day later, Lookonchain says the firm bought another 1,300 BTC worth $130.66 million.

In total, Marathon Digital accumulated $270.16 million worth of Bitcoin in just two days.

According to data from blockchain tracker Arkham Intelligence, Marathon Digital’s crypto wallet currently holds a total of 19,965 BTC worth $2 billion.

Marathon Digital launched in 2010 under a different name as a firm hoarding patents related to encryption. The company subsequently stepped into the world of BTC mining in 2017.

At time of writing, Bitcoin is trading for $100,100, a fractional increase on the day.

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Author: Daily Hodl Staff