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Marathon Digital raises $1B to buy Bitcoin

Source Cryptopolitan

Mara Holdings has raised $1 billion to primarily acquire bitcoin. These funds were raised through the private offering of 0.00% convertible senior notes due 2030.

Two days ago the company had announced increasing its convertible note offering from $700 million to $850 million. These notes were issued to institutional investors falling under specific criteria and qualifications through private selections.

Marathon Digital announced in a press release of November 21st, that the funds raised will be used to expand its Bitcoin holdings as well as purchase back the existing convertible notes that are due 2026. The remaining sum will be used for general corporate needs like working capital, asset expansion, and strategic acquisitions.

The leading bitcoin miner of US shared its net amount of $980 million calculated after the deduction of discounts and commissions. The company will be repurchasing its $212 million worth of 2026 convertible notes in negotiated transactions privately.

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