World's largest miner to buy Bitcoin

Bitcoin miner Marathon Digital plans to sell $250 million in private notes to fund Bitcoin purchase

The notes will pay interest every six months and mature on Sept. 1, 2031.

Bitcoin (BTC) mining company Marathon Digital (MARA) said it plans to sell $250 million worth of convertible notes in a private placement to fund bitcoin purchases and general corporate purposes.

The notes will pay interest every six months and mature on Sept. 1, 2031. The interest rate and conversion rate will be set during the pricing process, the Fort Lauderdale, Florida-based miner said in a statement.

The company already owns more bitcoin than its peers, with an inventory of more than 20,800 BTC valued at $1.2 billion at current prices, according to bitcointreasuries. That's more than double that of the next largest, Hut 8.

Marathon sold 51% of the bitcoins it mined in the second quarter to fund its operating costs. However, it recently announced that it bought $100 million worth of bitcoins on the open market and has again adopted a strategy of keeping all BTC on its balance sheet.

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