Monat: August 2024

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Marathon Digital to raise $250M through convertible senior notes for Bitcoin purchase

  • Marathon Digital plans to raise $250M via convertible senior notes for Bitcoin buying.
  • The funds will also support corporate initiatives, including debt repayment and expansions.
  • The company holds over 20,800 BTC, worth $1.2B, more than double its nearest competitor.

Marathon Digital, a leading Bitcoin mining company, has announced plans to raise $250 million through a private offering of convertible senior notes, aimed at increasing its Bitcoin (BTC) holdings and funding general corporate purposes.

The notes, which will be offered exclusively to qualified institutional buyers, will pay interest semi-annually and are set to mature on September 1, 2031. The specific interest rate and conversion rate will be determined during the pricing process.

The raised funds will not only be used to purchase more Bitcoin but also to support various corporate initiatives, including working capital, strategic acquisitions, expansion of existing assets, and debt repayment.

Marathon Digital’s move shows confidence in Bitcoin

This move comes as Marathon Digital continues to solidify its position as the largest Bitcoin miner globally.

The company currently holds over 20,800 BTC, valued at approximately $1.2 billion, which is more than double the amount held by its closest competitor, Hut 8.

Marathon has been actively increasing its Bitcoin reserves, adding more than $124 million worth of the cryptocurrency in July 2024 alone.

Despite a significant price drop at the beginning of August, Bitcoin has shown resilience, rebounding and trading above $60,000, marking a 16% increase in the last seven days and Marathon’s aggressive acquisition strategy underscores its confidence in Bitcoin’s long-term potential and stability.

Marathon’s commitment to increasing its Bitcoin holdings highlights the growing trend of companies integrating cryptocurrencies into their balance sheets, reflecting broader confidence in the future of digital assets.

As large institutional players like Marathon continue to accumulate Bitcoin, the trend is seen as a bullish signal for the market, potentially influencing other investors to follow suit.

The post Marathon Digital to raise $250M through convertible senior notes for Bitcoin purchase appeared first on CoinJournal.

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Venezuela restricts access to Binance and X amid election unrest

  • Venezuelan government blocks Binance, X, Reddit, and Signal amid election unrest.
  • CANTV, Venezuela’s state ISP, enforces the blockade as part of a crypto crackdown.
  • President Maduro accuses Elon Musk of inciting protests and violating laws.

In a significant move amidst ongoing political unrest, the Venezuelan government has imposed a blockade on several major online platforms, including cryptocurrency exchange Binance and social media network X (formerly Twitter).

The disruption, reported on August 12, 2024, is attributed to the state-owned internet service provider CANTV, which has been enforcing the restrictions as part of a broader crackdown on digital services.

Binance’s DNS block

Local anti-censorship organization VE sin Filtro disclosed on August 9 that Binance’s website and mobile application had been rendered inaccessible in Venezuela due to a DNS block. This move is believed to be related to the government’s intensified scrutiny of cryptocurrency trading within the country.

Binance has acknowledged the blockade and assured its Venezuelan clients that their funds remain secure under the company’s robust security protocols. The exchange is actively engaging with local authorities to resolve the issue, though a timeline for restoring access remains uncertain.

Reddit, Signal, and X also blocked

In addition to Binance, CANTV has also blocked access to other major platforms such as Reddit, Signal, and X.

The blockage of X is particularly notable due to recent tensions between Venezuelan President Nicolás Maduro and X owner Elon Musk.

Maduro has accused Musk of using X to incite protests related to the disputed presidential election results, labelling the actions as part of a US-backed attempt to destabilize Venezuela.

Maduro’s recent remarks have intensified the situation, with the President condemning Musk and accusing him of violating Venezuelan laws.

The ongoing digital restrictions underscore the escalating conflict between the Venezuelan government and various international entities amidst the current political crisis.

The post Venezuela restricts access to Binance and X amid election unrest appeared first on CoinJournal.