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Will Marathon Digital use the majority of the $805 million notes proceeds to purchase Bitcoin by June 30, 2025?
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Marathon Digital's financial disclosures or press releases
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Marathon Digital to Raise Up to $805 Million via Zero-Coupon Notes to Buy More Bitcoin
Dec 2, 2024, 12:06 PM
Marathon Digital Holdings, a publicly traded bitcoin mining company, announced a proposed private offering of $700 million in zero-coupon convertible senior notes due in 2031, with an additional $105 million over-allotment option, to be offered to institutional investors under Rule 144A. The majority of the net proceeds will be used to purchase bitcoin and to repurchase up to $50 million of existing 2026 convertible notes. This move follows the company's recent $1 billion convertible note offering at 0% coupon two weeks ago, which was also used to buy bitcoin. Marathon Digital appears to be following strategies employed by firms like MicroStrategy, aiming to further scale its bitcoin mining capacity and solidify its position as a leader in corporate bitcoin adoption. As of November, the company has acquired a total of 6,474 bitcoins.
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