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Bitcoin Miner Marathon to Raise $250M in Direct Stock Offering
The Las Vegas company has agreed to a direct offering of 12.5 million shares of common stock at $20 per share.
Bitcoin mining company Marathon Patent Group (MARA)https://hashrateindex.com/stocks/mara shares were down after the Nasdaq-listed firm announced it plans to raise up to $250 million through a direct stock offering.
- The Las Vegas-based company said Tuesday it has entered into a securities purchase agreement with institutional investors for the registered offering of 12.5 million shares of common stock at $20 per share.
- Marathon shares dropped to $21.83 on the news, sliding 16.5% in Tuesday’s pre-market session. In the past year, the company's shares have soared over 2,500%.
- Gross proceeds for this offering are expected to be $250 million.
- CEO Merrick Okamoto told CoinDesk in an email he intends to use the funds to, among other things, fund more mining machine purchases from Bitmain and expand his company's mining facilities amid the mining sector's ongoing "arms race" as manufacturers struggle to keep pace with demand.
- H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which closes on Jan. 15.
- The Las Vegas firm's shares surged last week to the highest in more than three years, bringing the firm a total market value of $1 billion. That number is now at $1.377 billion.
- The firm has recently invested heavily in new cryptocurrency mining equipment, making orders for 90,000 machines in October and December, expecting to reach a total mining capacity of 10.36 exahashes per second (EH/s) once the new machines are fully deployed.
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Read more: Cryptocurrency Mining Firm Marathon’s Market Cap Passes $1B
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
