TechFlow reported on December 6 that, according to TheMinerMag, seven publicly traded Bitcoin mining companies have raised a total of $5.2 billion through convertible bonds since June this year, with 70% (approximately $3.6 billion) completed in the past four weeks alone.
Marathon Digital (MARA) and Core Scientific recently raised over $2.4 billion via zero-coupon convertible bonds, including $1.85 billion by MARA. Both companies set conversion prices at approximately 40% premium to their stock prices at issuance.
Notably, MARA (market cap $8 billion) and Core Scientific (market cap $4.6 billion) are pursuing different business strategies: MARA retains all mining revenues and continues accumulating Bitcoin, whereas Core Scientific has shifted focus to AI computing services and currently holds none of the Bitcoin it mines.
