The Las Vegas company has agreed a direct offering of 12.5 million shares of
common stock at $20 per share.
At the crypto market's 2017 peak, Marathon barely had $50 million in market
Nasdaq-listed Marathon said it will use the funds to pay for recent hardware
purchases from Bitmain and to expand its business.
The announcement comes after a holiday weekend in which the price of bitcoin
hit a succession of new all-time highs.
Share prices for publicly traded bitcoin mining companies are climbing as the
leading cryptocurrency sliced through $20,000 Wednesday.
Mining companies are soaring as bitcoin hits record highs.
Following a string of investments, miners are increasingly optimistic about
prospects for the U.S. market in 2021.
Marathon is holding more bitcoin on its balance sheet than ever before.