Share this article

Bitcoin Miner Marathon Patent Group Completes $200M Capital Raise

Nasdaq-listed Marathon said it will use the funds to pay for recent hardware purchases from Bitmain and to expand its business.

Updated May 9, 2023, 3:14 a.m. Published Jan 4, 2021, 2:15 p.m.

Nasdaq-listed bitcoin mining firm Marathon Patent Group (MARA) has announced the completion of a $200 million capital raise.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

U.S.-based Marathon reported Monday that following the previously announced shelf offering, it had ended the 2020 fiscal year with $217.6 million in cash and 74,656,549 shares outstanding.
The company plans to use the funds to pay for major purchases of bitcoin miners from manufacturer Bitmain, as well as further expand the business.
So far, Marathon said it has bought 103,060 miners that, once delivered and deployed, are expected to produce approximately 10.36 EH/s in hash power.
It said 15,200 of these units are scheduled to be shipped in the first quarter of 2021. The company is further anticipating installing 4,000 units in February, 6,300 in March and 4,800 in April.
If all the miners were deployed immediately, at a bitcoin price of $28,000, "we would produce approximately $618 million in revenue annually and approximately $523 million in gross profit annually,” said Marathon’s chairman and CEO, Merrick Okamoto, citing numbers from mining profit calculators.

Mining Fundraising Marathon Patent Group

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.