Crypto News – Following the harsh 2022 crypto winter, the 100% increase in the price of Bitcoin this year in 2023 has also greatly boosted the earnings of Bitcoin miners. According to a new filing it made with the U.S. Securities and Exchange Commission (SEC), the largest Bitcoin miner Marathon Digital is getting ready for a big fundraising event.
Target to Raise $750 Million: Bitcoin Miner Marathon Digital Files with SEC for Funding Approval
The filing states that Marathon Digital has declared its intentions to raise up to $750 million via a hybrid equity offering. The company has generated over 1,000 Bitcoins each month as of September 30 and has 13,726 Bitcoins in its possession.
To the U.S. Securities and Exchange Commission, it has filed a FORM S-3. Investing in new mining equipment and increasing its operational capacity are the plans for the funds from this offering.
MARA Price Expected to Increase Further
The shares of MARA have increased by 23% this week. Although it’s crucial to remember that equities have regular trading hours and Bitcoin (BTC) trades continually, this rise is consistent with BTC’s 12% increase during a comparable span. However, given that this correlation is supported by fundamental economic principles, the price movement of the underlying asset is in line with expectations.
Marathon Digital is expected to report its Q3 2023 financial results in November of next month, which raises expectations. In Q2 2023, the Bitcoin miner recorded a threefold increase in revenue, surpassing $80 million in the last quarter. Furthermore, the corporation reduced its losses in the most recent quarter and is further expected to do it ahead.
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