Marathon Digital intends to offer $250 million in covertible notes to buy more BTC
Quick Take
- Marathon Digital intends to offer $250 million worth of convertible senior notes in a private offering.
- It plans to use the net proceeds to, in part, acquire additional bitcoin.
Marathon Digital Holdings has announced its intention to offer $250 million worth of convertible senior notes in a private offering to qualified institutional buyers.
It plans to use the net proceeds from the sale to acquire additional bitcoin and for general corporate purposes.
Marathon's offering is subject to market and other conditions — meaning that, despite the intention, it is not guaranteed to be completed under the planned terms.
The notes will be unsecured, senior obligations that bear interest payable semi-annually in arrears on the first days of March and September of each year, beginning next year.
The notes will mature on Sept. 1, 2031, unless repurchased earlier.
Marathon Digital's intention to offer the convertible notes comes after it reported a net loss of $199.7 million in Q2 2024 — significantly more than the $9 million loss it reported in the same quarter last year.
Late last month, Marathon Digital announced it had purchased an additional $100 million worth of bitcoin — bringing its balance sheet to more than 20,000 bitcoin.
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