Marathon Digital Holdings, one of the largest publicly traded Bitcoin miners, purchased $249 million more worth of Bitcoin. This latest acquisition expands Marathon’s corporate bitcoin treasury to over 25,000 BTC.

On August 12th, Marathon announced a $250 million convertible note offering to raise funds for Bitcoin purchases. The notes were met with strong demand, allowing Marathon to upsize the deal to $300 million.

The company then used $249 million of the proceeds to accumulate 4,144 additional Bitcoin at an average price of $59,500 per Bitcoin. This boosts Marathon’s Bitcoin reserves to over 25,000 BTC worth nearly $1.5 billion.

In July, Marathon bought $100 million of Bitcoin on the open market as part of its long-term “hodl” strategy. The Nasdaq-listed miner aims to hold newly mined coins rather than sell them.

Marathon is aggressively expanding its Bitcoin stash by mimicking MicroStrategy’s corporate playbook. Other firms, such as Semler Scientific and Metaplanet, are also raising money in debt markets to buy more Bitcoin and ride its adoption curve. 

These savvy public companies are using the fiat system’s cheap lending rates to accumulate scarce Bitcoin. This demonstrates Bitcoin’s growing conviction that it is the best strategic reserve asset for public companies.