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BTC $70,860.22 -1.07%
ETH $2,093.39 -1.55%
BNB $655.83 -0.78%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $460.57 -1.09%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

mara

MARA plans to raise $500 million to purchase cryptocurrency, Rumble adds $20 million to its quota, and Victory Securities' holding ratio rises to 35%

According to BBX data, yesterday global publicly listed companies showed a strong momentum in transitioning from "self-funded purchases" to "large-scale capital market instruments" in the crypto treasury space:Convertible Bond Heavyweight: Marathon Digital (NASDAQ: $MARA) announced yesterday its plan to issue $500 million in convertible senior notes through a private placement, with the net proceeds primarily intended for purchasing more Bitcoin. This marks a trend among top mining companies to emulate the MSTR model, directly expanding reserves using capital market premiums.Treasury Holdings Increase: Rumble (NASDAQ: $RUM) board approved an additional $20 million allocation for Bitcoin yesterday. As a video platform giant, Rumble is viewing BTC as the core financial settlement asset of its decentralized content ecosystem.Digital Pioneer in Hong Kong: Victory Securities (HKG: 8540) disclosed yesterday that the proportion of digital assets in its proprietary investment portfolio has increased to 35%. The company clearly stated that it will leverage its licensed advantage from the Hong Kong Securities and Futures Commission to continuously expand its financial exposure in the Web3 space.High Retention Strategy: TeraWulf (NASDAQ: $WULF) released its latest operational report, showing that its Bitcoin output retention rate (HODL Rate) reached 95% yesterday. Through the low-cost advantage driven by nuclear energy, the company has achieved nearly full compliance with the "output equals deposit" financial discipline.Small and Mid-Cap Defense: LQR House (NASDAQ: $LQR) confirmed that it has executed the $1 million Bitcoin purchase plan approved yesterday. Although smaller in scale, this further validates that small and mid-cap companies in the U.S. stock market generally regard BTC as a "standard firewall" against cash inflation.

MARA CEO: Bitcoin mining companies must control power resources, or they will struggle to survive before the next halving

According to CoinDesk, MARA Holdings CEO Fred Thiel stated that the Bitcoin mining industry is entering a difficult period, with increasing competition, rising energy demands, and shrinking profits. He noted that Bitcoin mining is a zero-sum game, where increased hash power raises mining difficulty and energy costs, compressing profit margins.The industry is becoming increasingly brutal, and only mining companies that secure low-cost, reliable energy or adopt new business models will survive. Many mining companies are turning to artificial intelligence or high-performance computing infrastructure, while some are being pushed out of the market by participants deploying their own hardware at low costs. Thiel warned that after the next Bitcoin halving in 2028, the survival environment for mining companies will be even harsher, with block rewards dropping to just above 1.5 Bitcoins. Unless transaction fees rise or coin prices soar, the mining economy will struggle to sustain itself.The design philosophy of Bitcoin is that transaction fees will eventually replace block subsidies, but this has not happened. Currently, transaction fees are generally low, and although there have been brief spikes, they cannot replace block subsidies. In this environment, small mining companies are under immense pressure. Large mining companies are adapting by controlling energy sources and investing in AI-specific infrastructure, while more streamlined mining companies may be forced to shut down.Thiel expects the market to self-regulate, stating, "By 2028, mining companies will either become power producers, be acquired by power producers, or collaborate with power producers."
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