US bitcoin miners are accumulating war chests of the cryptocurrency to help them withstand tightening margins as competition for resources intensifies.
Companies including Mara Holdings, Riot Platforms and CleanSpark have used the soaring price of bitcoin, which hit $100,000 last month, to raise more than $3.7bn from investors since November, which they have then used to fund the purchases of the coins. They have often raised the funds through zero — or near zero — coupon convertible notes.
Their moves comes in the wake of Donald Trump’s election victory, with the incoming US president having promised that bitcoin would be “mined, minted and made in the USA”.
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