The biggest publicly listed Wall Street Bitcoin (BTC) miner, MARA Holdings (NASDAQ: MARA), has
announced the acquisition of a $200 million line of credit. The credit facility
is secured by a portion of the company’s crypto holdings, highlighting the
growing trend of cryptocurrency-backed financing in the corporate world.
The
statement presented
yesterday (Tuesday) by MARA doesn’t delve too deeply into details, only
informing that the cryptocurrency miner used a portion of its substantial
Bitcoin stack to secure a $200 million line of credit.
Fred Thiel, CEO, MARA, Source: LinkedIn
What will
the funds be used for? Here too, no detailed information was provided beyond a
general statement that “MARA may use the funds to capitalize on strategic
opportunities and for other general corporate purposes.”
It’s worth
noting that MARA, known as Marathon Digital Holdings until August, is the
largest BTC producer listed on Wall Street, with a current market
capitalization of nearly $5 billion. It significantly outpaces Core Scientific,
which is in second place with a value of $3.3 billion.
The move
comes a few months after MARA decided to purchase Bitcoin for $249 million. In
August, it successfully completed a $300 million offering of convertible senior
notes, most of which was allocated to buying BTC.
MARA is
currently the second-largest public holder of Bitcoin, right behind
MicroStrategy. According to Bitbo data, it holds 0.12% of the total BTC supply,
or nearly 26,000 tokens, with an estimated value of almost $1.8 billion.
Source: Bitbo
MARA Stock: Potential for
a 50% Rebound According to Macquarie
Despite the
recent rebound in Bitcoin
