Marathon Digital to Buy Bitcoin Miners from Bitmain for $879M
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Marathon Digital (Nasdaq: MARA), a cryptocurrency mining company, has agreed to buy 78,000 Antminer S19 XP ASIC's from Bitmain. According to a regulatory filing, the purchase price is $879,060,000.

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The company plans to spend 35% of the total amount within two days of execution of the purchase contract, 35% of each single shipment price at least six months prior to each such shipment, and the remaining 30% of each single shipment price at least one month prior to each such shipment. It is expected that 13,000 machines will be delivered each month from July to December 2022.

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In November, Marathon said it was planning to offer $500 million aggregate principal amount of convertible senior notes due December 1, 2026 to buy more bitcoin (EXANTE: Bitcoin) and ASICs.

While the deal is yet subject to market and other conditions, Marathon said that noteholders could convert their notes only in "certain circumstances and during specified periods." The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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