Marathon Digital has announced plans to offer $250 million aggregate amount worth of convertible senior notes. The company intends to use the new raise to fund more Bitcoin (BTC) acquisition plans and general corporate purposes. This year, firms continue to add Bitcoin to their balance sheet for several reasons.

Marathon Digital To Offer $250M Convertible Notes

Marathon Digital disclosed plans to offer $250 million $250 million in senior convertible notes based on market conditions. The notes which will be offered to qualified institutional buyers will become due in 2031. This will fund the company’s Bitcoin acquisition plans as multiple firms continue to purchase the asset amid increased demand this year. 

“MARA intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of debt and other outstanding obligations. The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.”

The post Breaking: Marathon Digital To Buy Bitcoin From $250M In Convertible Notes appeared first on CoinGape.

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Filed under: News - @ August 12, 2024 12:04 pm