Bitcoin Miner Marathon Digital Plans $250M Private Note Sale to Fund Bitcoin Buying

Marathon Digital plans to sell $250 million worth of convertible notes in a private placement to fund its Bitcoin purchases.

The miner currently has over 20,800 Bitcoins, more than double the number of its closest competitor, Hut 8.

Bitcoin {{BTC}} miner Marathon Digital (MARA) said it plans to sell $250 million worth of convertible notes in a private placement to fund bitcoin purchases and general corporate purposes.

The bonds will pay interest every six months and mature on September 1, 2031. The interest rate and conversion rate will be determined during the pricing process, the Fort Lauderdale, Florida-based miner said in a statement.

The company currently holds more bitcoin than its peers, with a stockpile of more than 20,800 BTC worth $1.2 billion, according to bitcointreasuries.com, more than twice the size of the next largest, Hut 8.

Marathon sold 51% of the bitcoin it mined in the second quarter to cover operating costs, but it recently announced it had purchased $100 million worth of bitcoin on the open market, re-embracing its strategy of holding all BTC on its balance sheet.

The company’s shares fell 3.2 percent in pre-market trading.