Marathon Digital, a large Bitcoin mining company, announced on Monday (12th) that the company intends to issue a total amount of US$250 million in convertible senior bonds due in 2031 to qualified institutional buyers through a private placement. The company expects to use the net proceeds from the issuance to acquire additional Bitcoin and for general corporate purposes.

According to the announcement, Marathon's issuance is subject to market and other conditions, meaning that despite its intention, there is no guarantee that it will be completed under the stated conditions. The notes will be unsecured senior debt, with interest payable on the first of March and September each year starting next year.

According to Marathon’s July Bitcoin production and mining operations update announced last week, the company increased its holdings by a total of 2,282 Bitcoins in July, bringing its Bitcoin holdings to 20,818 BTC, calculated based on the currency price as of press time Valued at approximately US$1.24 billion. Marathon also announced last month that it would adopt a "HODL" strategy for its Bitcoin financial policy, retaining all Bitcoin mined in its operations and conducting strategic open market purchases on a regular basis.

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