Mentioned:
Publicly traded companies purchasing Bitcoin continues to be a mega trend in the traditional public markets. Now, even Bitcoin miners are getting in on the action.
What’s happening:
- Multiple publicly traded Bitcoin mining companies have begun raising capital through equity and debt financings for the sole purpose of purchasing more Bitcoin to hold directly as an asset
Why it matters:
- MicroStrategy (NASDAQ: MSTR) has changed the paradigm around Bitcoin ownership for publicly traded companies, continually buying billions of dollars of Bitcoin in a relentless buying spree that has been entirely fuelled by fresh financing rounds
Who is making moves:
- MARA Holdings (NASDAQ: MARA) has raised more than $1.8B USD across two different debt financings recently and has already purchased $1.1B USD of Bitcoin
- Riot Platforms (NASDAQ: RIOT) has announced they will raise $500M USD through a convertible debt financing round and plans to use a significant amount of the new capital to purchase Bitcoin
- Hut 8 (NASDAQ: HUT) has announced a $500M USD equity raise and plans to use a large chunk of the new capital to purchase Bitcoin
Going deeper:
- Aside from purchasing more Bitcoin to hold directly as an asset, MARA Holdings has also been making new acquisitions to expand their existing Bitcoin mining operations including just recently purchasing a Texas based wind farm
