On November 21, Marathon Digital announced securing $1 billion through a private convertible note offering to enhance its Bitcoin holdings and support corporate needs.
Funding and Objectives
Marathon Holdings raised $1 billion through a private offering of 0.00% convertible senior notes due in 2030. The funds are primarily intended to increase the company's Bitcoin holdings.
Offering Expansion
Two days ago, the company announced increasing its convertible note offering from $700 million to $850 million. These notes were issued to institutional investors following specific criteria and qualifications through private offerings.
Funds Utilization Plans
The funds will be used to expand Bitcoin holdings and repurchase existing $212 million convertible notes due 2026. The remaining sum will support general corporate needs including working capital, asset expansion, and strategic acquisitions.
Marathon Holdings is actively increasing its Bitcoin assets and taking strategic steps to ensure sustainable growth and strengthen its position in the industry.
