Bitcoin Miner Marathon to Sell Notes to Buy Cryptocurrency

Daniel

(Bloomberg) — Bitcoin mining company Marathon Digital Holdings Inc. said it will sell $250 million worth of convertible senior notes and use the proceeds to buy more cryptocurrencies.

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In July, Marathon announced it had purchased $100 million worth of Bitcoin, re-embracing its strategy of holding Bitcoin on its balance sheet. The Fort Lauderdale, Florida-based company holds all of the Bitcoin it has mined and will continue to make open market purchases.

The bonds, which will be offered to institutional investors through a private placement, will mature in 2031, the company said in a statement on Monday.

–With assistance from Muyao Shen.

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