One of America’s largest publicly-traded bitcoin mining firms, Marathon Digital, has decided to raise $250 million more to buy bitcoin through a new debt offering.

The company, which already bought $100 million worth of bitcoin in July, is currently holding more than 20,000 bitcoin on its corporate balance sheets.

The news, however, sent Marathon’s stock downward on Monday, falling to $15.64 a share, a decrease of 8.10%, according to Nasdaq data. Bitcoin, the world’s largest cryptocurrency, however, surged above $59,000, gaining positive momentum after a difficult start last week.

Marathon and MicroStrategy are not alone in adopting bitcoin on their balance sheets. Recent examples of this strategy include Elon Musk-led Tesla, fintech company Fold, and the health sector firm Semler Scientific. As a public company, Marathon’s bitcoin holdings are eclipsed only by that of MicroStrategy.

“That’s not chump change,” crypto analyst George Tung of CryptosRUs said about Marathon’s stockpile. “They bought 9 figures worth of bitcoin in July alone.”

The company looks to mimic the successful strategy of bitcoin maximalist Michael Saylor’s MicroStrategy, which has seen its own performance move up more than 1,000% since the adoption of its pro-bitcoin strategy in August 2010. According to NYDIG, a bitcoin financial services company, MicroStrategy has at one point logged a 1,089% return on its stock – an impressive number compared to bitcoin’s 461% jump since 2020.

It remains to be seen if Marathon Digital will continue to accumulate more bitcoin, especially as part of its overall expansion of its mining business.