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