Crypto mining firm Marathon Digital Holdings has just announced a private offering of $250 million in convertible senior notes due 2031 to qualified institutional buyers.
The firm could also sell an additional $37.5 million in notes to initial buyers, depending on market conditions.
The funds raised will be used by Marathon to acquire more Bitcoin and for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets and repayment of debt.
With the recent increase of its Bitcoin holdings by $124 million in July, Marathon now owns 20,818 BTC.