Marathon Digital Announces $805M Convertible Notes Offering for Bitcoin Expansion

Dec 2, 2024, 11:54 AM

Marathon Digital Holdings, a publicly listed Bitcoin mining company, has announced a proposed private offering of $700 million in 0% convertible senior notes due in 2031, with an additional $105 million option for initial purchasers, bringing the total potential raise to $805 million. The proceeds are intended to scale Bitcoin mining operations, acquire Bitcoin, and repurchase up to $50 million of existing 2026 convertible notes. The move aligns with Marathon's strategy to expand its Bitcoin holdings, mirroring a playbook similar to that of MicroStrategy.