The world's largest Bitcoin miner, Marathon Digital, has moved to buy more Bitcoin and announced that it will issue $250 million in convertible bonds.
US crypto mining company Marathon Digital Holdings announced that it plans to offer $250 million in convertible senior notes due in 2031 and an additional $37.5 million in options to institutional buyers, according to an official statement.
The unsecured notes will bear interest semiannually, maturing on September 1, 2031.
“The Company intends to use the net proceeds from the sale of the Notes to purchase additional Bitcoin and for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets, and repayment of debt and other outstanding obligations.”
As you may recall, Marathon Digital announced that it purchased an additional $100 million worth of Bitcoin towards the end of July.
With this latest acquisition, the company has increased its assets to over 20,000 BTC.
The company said in its statement that it is in HODL mode on Bitcoin and that it plans to adopt a full “HODL” approach to its Bitcoin treasury policy, holding all mined Bitcoins and making additional purchases periodically.
*This is not investment advice.