Marathon Digital to Purchase Additional Bitcoins

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Marathon Digital Holdings plans to privately offer $250 million worth of convertible senior notes to qualified institutional buyers. The proceeds from the sale will be used to acquire more Bitcoin and for general business purposes.

The offering is dependent on market and other factors, and may not be completed according to the initial terms. These unsecured, senior notes will have a semi-annual interest payment schedule, with the first payment due in March of next year.

The maturity date is set for September 1, 2031, unless the notes are repurchased earlier.

This decision to offer convertible notes follows Marathon Digital’s recent report of a significant net loss of $199.7 million in the second quarter of 2021, compared to a $9 million loss in the same period last year.