U.Today – Michael Saylor, founder and chairman of MicroStrategy, has once again reaffirmed the role of (BTC) as a reserve asset. Saylor’s recent statement comes after a bold move into Bitcoin by Marathon Digital (NASDAQ:) Holdings, a renowned cryptocurrency mining company.
Saylor's optimistic statement on Bitcoin
“Bitcoin is the best strategic treasury reserve asset in the world,” Saylor says, highlighting a recent post by Marathon. The mining company announced the completion of a $300 million convertible senior bond offering due in 2031.
Marathon subsequently sold the notes in a private offering to qualified institutional buyers and used the proceeds to purchase 4,144 BTC, valued at approximately $249 million. Marathon said it intends to use the remaining net proceeds from the sales of the notes to acquire additional Bitcoin and for general corporate expenses.
The acquisition demonstrates Marathon’s commitment to increasing its Bitcoin reserves. It will be interesting to see how this affects the company’s finances and its market positioning in the long term.
Meanwhile, MicroStrategy followed a similar path in June to accumulate bitcoins. The firm purchased additional bitcoins from the proceeds of sales of $700 million in convertible bonds due in 2032.
As reported by U.Today, MicroStrategy now has 226,500 BTC in its reserves, making it a major player in its bid to acquire Bitcoin. Saylor, a staunch Bitcoin proponent, began buying the cryptocurrency in 2020 as a hedge against inflation and an alternative to cash.
Marathon's Commitment to Bitcoin
Marathon has also demonstrated strong support for Bitcoin accumulation and adoption. The company recently formed a strategic partnership with NiceHash to create and test new solutions for more efficient use of mining hardware.
Thanks to this collaboration, NiceHash Firmware will help Bitcoin miners looking to increase their earnings after the halving. This could lead to more miners entering the market, which would increase the credibility of the Bitcoin network.
This article was originally published on U.Today
