Some bitcoin miners, such as Mara and Riot, are now following MicroStrategy, a software company turned bitcoin buyer that has been leading the way in issuing long-term convertible bonds to buy bitcoin. Miners have also pledged to use bitcoin as a reserve asset for their company finances, increasing their bitcoin reserves and keeping all the new bitcoins they mine.
“This ‘Trump effect’ actually gives us more motivation to continue investing in the United States,” said Fred Thiel, CEO of Mara. Their business model is now “accumulating as much bitcoin as possible.” They now own nearly 45,000 bitcoins, worth more than $4.4 billion. Asher Genoot, CEO of Hut 8, considers his company an “energy infrastructure” group, with bitcoin as the financial foundation of its balance sheet.
In two months, the industry has spent about $1.8 billion of its raised funds on buying bitcoin. (FT)