Marathon Digital Plans to offer $750M Stock Instead Of Selling Bitcoin

Just before the move, Feb. 08, 2022 in Las Vegas Nevada, (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc, one of the largest enterprise Bitcoin self-mining companies in North America, announced that the Company has appointed Raymond Walintukan as vice president of mining operations. Walintukan, who is a non-executive officer, will report to COO Jim Crawford and will be responsible for managing the Company’s mining operations and strategy.

Walintukan is an engineer, programmer, and entrepreneur with extensive experience building and scaling bitcoin mining facilities. Prior to joining Marathon, he served as the COO of Hash Hive, a subsidiary of the digital asset trading and mining network Apifiny, where he managed the company’s crypto mining data center and built tools and software to enhance operational efficiency. Before Hash Hive, he was the head of operations at BITMAIN North America, where he oversaw the setup and construction of BITMAIN’s crypto mining data centers in North America and developed software to optimize their servers and operations. Earlier in his career, he served as the COO of Trademason, a predictive analytics platform for global market professionals. Walintukan holds a Bachelor of Science in information computer science from the University of California, Irvine.

Major Bitcoin BTC
mining companies have opted to sell stock instead of their BTC holdings to maintain their cash reserves.

What Happened: Marathon Digital Holdings Inc. MARA
has filed with the SEC to offer up to $750 million of shares and preferred stock, according to a report from Bloomberg.

“We don’t control the price of Bitcoin, but we can control how prepared we are to capitalize on market opportunities when they present themselves, which Marathon has a long track record of doing successfully,” said Charlie Schumacher, a spokesperson for Marathon Digital.

Marathon Digital has been holding on to its stash of Bitcoin since October 2020. Coingecko estimates that at the time of writing, the company has as much as 4,813 BTC worth $212 million.

Another Nasdaq-listed Bitcoin miner Hut 8 Mining Corp HUT
has employed a similar strategy. On Friday, Hut 8 also filed to sell up to $65 million worth of common shares.

“We are believers in Bitcoin. Some miners sell Bitcoin or use it to pay expenses. We hold ours,” said Hut 8’s investor relations head Sue Ennis.

Last week CoinDesk reported some Bitcoin miners had sold their BTC holdings for the first time after months of accumulation.

Hut 8 Mining Corp is North America's innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin's market direction.

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business building technologists, bullish on bitcoin, blockchain, web 3.0 and bridging the nascent and traditional high performance computing worlds.