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Home»ADOPTION NEWS»Marathon Digital plans to offer $250 million in convertible bonds to purchase more BTC.
ADOPTION NEWS

Marathon Digital plans to offer $250 million in convertible bonds to purchase more BTC.

By Crypto FlexsAugust 12, 20242 Mins Read
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Marathon Digital plans to offer 0 million in convertible bonds to purchase more BTC.
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Marathon Digital Holdings announced its intention to issue $250 million of convertible preferred notes in a private placement to qualified institutional buyers.

The company plans to use the net proceeds from the sale to acquire additional Bitcoin and for general corporate purposes.

Services provided by Marathon are subject to market and other conditions, meaning there is no guarantee that they will be completed within the planned terms, regardless of intent.

The bonds are unsecured preferred bonds with interest paid semiannually on March and September 1 each year, starting from next year.

These bonds mature on September 1, 2031, unless repurchased earlier.

Marathon Digital’s intention to issue convertible bonds comes after the company reported a net loss of $199.7 million in the second quarter of 2024, compared to a loss of $9 million reported in the same quarter last year.

Late last month, Marathon Digital announced it had purchased an additional $100 million worth of Bitcoin, bringing its balance sheet to over 20,000 Bitcoins.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Adam is the Editor-in-Chief for Europe, Middle East and Africa. He is based in Central Europe and was the Editor-in-Chief and podcaster at OKX Insights, the former research arm of OKX, a cryptocurrency exchange. Prior to that, he co-founded BeInCrypto.com, which he led as its editor-in-chief to become one of the top crypto media brands at its peak. He was previously the Editor-in-Chief of Bitcoinist.com. Prior to joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He can be found tweeting at @XBT002 and emailing him at (email protected).
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