The post Marathon upsizes convertible note offering to $850m to buy more Bitcoin appeared on BitcoinEthereumNews.com.

Crypto mining company Marathon has upsized its convertible note offering by $150 million to buy even more Bitcoin. Bitcoin (BTC) mining company Marathon Digital Holdings has upsized its convertible debt offering to $850 million from $700 million to buy more Bitcoin. In a press release on Tuesday, Nov. 19, the Bitcoin miner said the 0.00% notes, set to mature on March 1, 2030, will be sold in a private offering to qualified institutional buyers. The offering is expected to close on Nov. 20, pending customary conditions. Holders of the notes can require MARA to repurchase them for cash starting Dec. 1, 2027, or in the event of certain corporate changes, the company added. MARA estimates net proceeds of $833 million from the sale, with plans to allocate approximately $199 million to repurchase its existing convertible notes due 2026. The remaining funds will be used for Bitcoin acquisitions, corporate growth, and debt repayment. Following the announcement, Marathon’s shares rose 2.4% in pre-market trading to $18.5, per data from Nasdaq. The update comes a few hours after the Florida-headquartered company announced the $700 million private convertible note offering to fund debt repayment, Bitcoin purchases, and corporate needs. Holders will have the option to convert the notes into cash, shares of Marathon stock, or a combination of both. According to data from Bitcoin Treasuries, Marathon holds around 25,945 BTC valued at $2.3 billion at current prices. Source: https://crypto.news/marathon-upsizes-convertible-note-offering-to-850m-to-buy-more-bitcoin/

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Filed under: News - @ November 19, 2024 11:27 am