Marathon Digital Holdings has announced a $250 million offering of convertibles senior notes due in 2031, in a private offering toward “qualified institutional buyers.”
Marathon, the world’s largest Bitcoin (BTC) mining firm, is also considering an additional $37.5 million notes sale to initial purchasers, based on market conditions.
Marathon aims to use the $250 million to acquire more Bitcoin, according to an Aug. 12 announcement:
“MARA intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of debt and other outstanding obligations.
The buying patterns of large Bitcoin holders, like BTC miners, can have a significant impact on Bitcoin price, due to the large amount of capital. Investors often use the buying patterns of large institutions to gauge the demand for Bitcoin.
Related: Ether whale buys nearly $13M ETH, but ETH still needs to reclaim $2.7K for the next leg up
This is a developing story, and further information will be added as it becomes available.
