Marathon Digital, a Bitcoin mining company listed on Nasdaq, has announced plans to increase its debt offering to $1 billion by selling zero-interest senior notes to qualified institutional buyers. Initially aiming to raise $700 million, the company increased the offering to $980 million due to investor demand.
The notes will be convertible into cash, shares of common stock, or a combination of both. Approximately $833 million (or $980 million if the initial purchasers exercise their option to purchase additional notes) will serve as net proceeds, with a portion going toward acquiring more Bitcoin for the company’s treasury.
Additionally, Marathon plans to repurchase $212 million in convertible notes due in 2026. The conversion rate for the new notes is set at 38.5902 shares of MARA stock per $1,000 principal, marking a 42.5% premium over MARA’s volume-weighted average stock price of $18.18.
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<p>The post Bitcoin Mining Company Raises Funds Through Debt Offering. first appeared on CoinBuzzFeed.</p>
