#Blockchain News 🚀

Applied Digital plans to raise $375 million through a private placement of convertible notes, with an annual interest rate of 2.75%, maturing in 2030. Initial purchasers can also purchase an additional $75 million. A portion of the funds will be used for capped option trades to hedge against shareholder dilution risk, and approximately $84 million will be allocated for stock buybacks.

Although the company does not directly engage in Bitcoin mining, its data center hosting services contributed $34.8 million in revenue during the latest fiscal quarter, accounting for 57% of total revenue. The cloud services business contributed the remaining 43%.

What do you think about this fundraising method? Feel free to discuss in the comments!