Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Miner Files Form S-3 to SEC; Plans To Raise $750 Million

Bitcoin Miner Files Form S-3 to SEC; Plans To Raise $750 Million

CoineditionCoinedition2023/10/28 02:18
By:Ross
  • Bitcoin Miner Marathon Digital filed a Form S-3 to the US SEC, announcing plans to raise $750 million.
  • This week, Marathon Digital shares have risen by 23%, alongside Bitcoin’s 12% increase.
  • Bitcoin miners are experiencing increased selling pressure due to record-high hash rates.

Last week, Bitcoin surged beyond $34,000, marking a 106% increase for the year, following a challenging crypto winter in 2022. Simultaneously, Bitcoin miner Marathon Digital, trading as “MARA” on the Nasdaq stock market, experienced an increase in its stock price. According to a Form S-3 filing to the U.S. Securities and Exchange Commission, Marathon Digital is planning to raise $750 million through a hybrid equity offering.

At the end of September, the firm possessed 13,726 Bitcoins, while generating more than 1,000 Bitcoins monthly. With the new funds, Marathon Digital will expand its operational capacity and invest in acquiring new mining equipment.

Bitcoin miner Marathon Digital has filed a FORM S-3 form with the U.S. SEC as it plans to raise up to $750 million in a hybrid equity offering. As of September 30, Marathon Digital held 13,726 Bitcoins and was producing over 1,000 Bitcoins per month. https://t.co/1pXzvb5i0s

— Wu Blockchain (@WuBlockchain) October 27, 2023

Marathon Digital shares have risen by 23% this week, mirroring Bitcoin’s 12% increase over a similar timeframe. Meanwhile, year-to-date, MARA’s stock has surged an impressive 164%, reaching its current price of $9, but it remains 50% less than the $19 stock price observed earlier in July 2023.

On the other hand, the company will unveil its Q3 2023 financial results next month, in November 2023. In Q2 2023, Marathon Digital posted a substantial increase in revenue, exceeding $80 million. Furthermore, the company managed to reduce its losses during the last quarter and aims to continue this trend in the upcoming period.

Bitcoin is currently facing a significant challenge as miners are experiencing increased selling pressure . Factors contributing to the pressure include record-high hash rates, elevated mining difficulty, and rising operational costs, which affect their profitability. According to analyst Miles Deutscher, the next halving event will trigger miners to sell BTC holdings to boost their capital.

This trend is already becoming apparent, with miners sending unprecedented amounts of BTC to exchanges, intensifying the selling pressure in the market. Additionally, data from Glassnode, a blockchain data and intelligence provider, reveals that miner revenue sent to exchanges has hit an all-time high of 315%.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Charles Hoskinson Talked About Bitcoin (BTC), Cardano (ADA) and XRP!

Cardano founder Charles Hoskinson spoke about Cardano, XRP, and Bitcoin.

Bitcoinsistemi2024/12/23 15:11

Popular Platform That Launched Its Own Altcoin A Month Ago Was Attacked by Hackers, Price Dropped!

North Korean hackers opened a long position in Ethereum, it was liquidated. It caused a decline in the altcoin called HYPE.

Bitcoinsistemi2024/12/23 15:11

Donald Trump Made Another Appointment Supporting the Cryptocurrency Industry! Here Are the Details

President-elect Donald Trump has announced the appointment of crypto advocate Stephen Miran as the new chairman of his Council of Economic Advisers.

Bitcoinsistemi2024/12/23 15:11