Miners’ equity funding activity is expected to be lower in the second quarter of 2024, with less than $500 million invested as of mid-May.
Public Bitcoin mining companies strengthened their balance sheets in anticipation of the latest halving event, which occurred in April.
According to BlocksBridge Consulting’s analysis of financial earnings from 12 public miners, ten of them raised a combined $2 billion in gross proceeds from equity financing activities, anticipating a post-halving slump in profitability. The same group of companies raised $1.25 billion in the last quarter of 2023.
Marathon Digital, CleanSpark and Riot Platforms led the pack of companies raising capital in the previous quarter, accounting for 73% of the funds secured. At the end of March, Marathon, CleanSpark, and Riot together held $1.33 billion in cash and over 32,200 Bitcoin (BTC) worth more than $2.2 billion.
