Bitcoin

Read

Crypto mining company Marathon has upsized its convertible note offering by $150 million to buy even more Bitcoin.
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) mining company <a href="https://crypto.news/tag/marathon-digital-holdings/" target="_blank" rel="noopener noreferrer nofollow">Marathon Digital Holdings</a> 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.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bit-mining-settles-with-sec-for-4m-amid-bribery-allegations-in-japan/"> BIT Mining settles with SEC for $4m amid bribery allegations in Japan </a>
Following the announcement, Marathon’s shares rose 2.4% in pre-market trading to $18.5, per <a href="https://www.nasdaq.com/market-activity/stocks/mara/pre-market" target="_blank" rel="noopener noreferrer nofollow">data</a> 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&nbsp;<a href="https://treasuries.bitbo.io/miners/" target="_blank" rel="noopener noreferrer nofollow">data</a>&nbsp;from Bitcoin Treasuries, Marathon holds around 25,945 BTC valued at $2.3 billion at current prices.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/marathon-digital-buys-249m-in-bitcoin-after-raising-300m-from-convertible-notes/"> Marathon Digital buys $249m in Bitcoin after raising $300m from convertible notes </a>

Marathon upsizes convertible note offering to $850m to buy more Bitcoin

crypto.news

Other articles published on Nov 19, 2024

Binance Issues Important Alert to Crypto Community, Here's Why

Ethereum Unlikely to Hit $4K by December Amid Investor Skepticism

Toncoin (TON) Price Breaks Out! Elite Analyst Reveals Why $6+ Is Likely

Coinbase to suspend trading for wBTC (wBTC) in December

Missed Tezos ICO Opportunity: Seize Your Chance With this Top Crypto Before It's Too Late

Razzlekhan Sentenced to 18 Months for Bitfinex Money Laundering

Join our free newsletter for daily crypto updates!