On August 12th, Marathon announced a $250 million convertible note offering to raise funds for Bitcoin purchases. The notes were met with strong demand, allowing Marathon to upsize the deal to $300 million.

The company then used $249 million of the proceeds to accumulate 4,144 additional Bitcoin at an average price of $59,500 per Bitcoin. This boosts Marathon's Bitcoin reserves to over 25,000 BTC worth nearly $1.5 billion.