Marathon Digital Holdings, the stock traded bitcoin miner with a market cap of $5.5 billion, is offering $650 million in senior convertible notes due in 2026.
The offering was quickly increased from $500 million due to demand, with it to conclude by November 18th, this Thursday.
The notes offer 1% in interest per year and come with an option for another $97 million to be raised from accredited investors.
“Marathon intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines,” the company said.
They’ve allowed themselves sufficient leeway for it to not be clear what exactly they’ll use the funds for, but either way it will translate into bitcoin.
