Marathon Digital Looks to Raise $700M to Bolster Its Bitcoin Reserves While Unveiling Boosts in Revenue and Production

In a statement, the listed crypto miner said it will raise the funds through a private offering of convertible senior notes due 2031

Crypto miner Marathon Digital (NASDAQ:MARA) is aiming to raise $700 million to boost its Bitcoin stash, revealing surges in both revenue and production.

The listed miner announced the fundraise on Monday in a statement, revealing plans to raise the funds through a private offering of convertible senior notes due 2031, targeting qualified institutional buyers with 0% interest-bearing notes.

Marathon also included an option for initial purchasers to buy an additional $105 million in notes within a 13-day window from the issuance date.

Proceeds will be primarily used to bolster MARA’s Bitcoin reserves, with up to $50 million allocated for repurchasing 2026 convertible notes.

Marathon’s Bitcoin production increased by 26% month-over-month to 907 BTC, while its energized hash rate surged 15% to reach 46.1 EH/s. The miner also reported the highest number of blocks mined in a single month at 254, marking a 27% increase from October.

“November was a record-breaking month for MARA, with our mining operations achieving unprecedented levels of production driven by the successful deployment of additional miners and enhanced operational efficiency,” said Fred Thiel, MARA’s Chairman and CEO.

Marathon’s success is indicative of the wider crypto mining industry, with a JP Morgan report revealing that the total market cap of the 14 publicly listed Bitcoin miners in the bank’s coverage surged 52% in November to $36.2 billion.

Average network hashrates increased by 4% month-on-month to 731 exahash per second (EH/s), while mining difficulty increased by 7% from October.

“We estimate that bitcoin miners earned an average of $52,000 per EH/s in daily block reward revenue in November, up 24% from October,” analysts Reginald Smith and Charles Pearce wrote.