Marathon Digital. Image: T. Schneider/Shutterstock
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Bitcoin mining company Marathon Digital Holdings is issuing convertible notes worth $850 million, with an option to increase the amount to $1 billion. The convertible notes are part of plans by Marathon Digital Holdings to purchase Bitcoin and fund corporate initiatives in a recovering cryptocurrency market.
According to reports, the Fort Lauderdale, Florida based company said it would use $199 of the $833 million expected net proceeds to buy back $212 million of existing 2026 convertible bonds. Statement.
The remaining funds will be used to acquire additional Bitcoins and for corporate purposes such as working capital, strategic purchases, asset expansion, and debt repayment, according to the company.
Convertible notes, also known as debt-based instruments, are financial instruments that companies sell to raise capital. The notes can be converted to equity shares later, giving investors a partial ownership in the company.
Marathon's latest offering comes as several firms globally begin acquiring and holding Bitcoin on their balance sheet following a market rally that has catapulted the price of the world's oldest crypto to more than $94,000.
MicroStrategy is one of the most popular, with a market share of up to $30 billion Metaplanet from Japan, which has amassed more than 1000 BTC This year’s value is estimated at $93 Million.
Semler Scientific (SMLR), a company that has been in business for over a decade, recently acquired bitcoin worth nearly $18,000,000. The following are some of the ways to get in touch with each other In a statement.
Starting December 1, 2027, holders of Marathon's convertible notes can ask the company to repurchase them for cash, though terms may change if major events like mergers, acquisitions, or delisting occur.
The company has said that the notes which mature March 1, 2030 can also be exchanged for cash, MARA stocks, or even a mixture of both.
Google Finance data show that the Bitcoin miner stock was trading at $19.86, an increase of 9% for the day. However, its price after hours is not much different.
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