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Marathon Digital Raises $1 Billion at 0% Interest, Securing $980 Million in Proceeds to Acquire More Bitcoin Due in 2030

Nov 21, 2024, 01:21 PM

Marathon Digital Holdings, publicly traded under the ticker MARA, has successfully raised $1 billion through a convertible note offering with a 0% interest rate, aimed at acquiring additional Bitcoin. The offering, which was initially set at $750 million but was oversubscribed, reflects a strong market appetite for Bitcoin-backed financial instruments. The convertible notes are due in 2030 and will provide Marathon with approximately $980 million in net proceeds after repaying existing debt. This strategic move comes as the cryptocurrency market experiences a resurgence, positioning Marathon to enhance its Bitcoin holdings significantly.