Crypto mining giant Marathon plans $700m convertible note to buy Bitcoin

Marathon Digital announced a $700 million private convertible note offering to fund debt repayment, Bitcoin purchases and corporate needs.

Bitcoin (BTC) mining company Marathon Digital said it plans to sell $700 million in convertible notes in a private placement to fund BTC purchases and general corporate purposes.

The Florida-based company said in a press release on Monday, November 18, that the bonds will be paid interest every six months and will mature in March. October 1, 2030. Holders will have the option to convert the notes into cash, Marathon shares, or a combination of both. Marathon also gave initial buyers a 13-day option to purchase an additional $105 million in notes.

Marathon to buy more Bitcoin

Up to $200 million in proceeds will be used to repurchase Marathon’s 2026 convertible notes, with the remainder supporting Bitcoin purchases and business operations. Redemption options will be available starting in March 2028, and bondholders will be able to request repurchase in December 2027, according to the press release.

According to data from Bitcoin Treasuries, Marathon holds approximately 25,945 BTC, worth $2.3 billion at current prices.

Marathon added that the offering, which is limited to qualified institutional buyers under Rule 144A of the U.S. Securities Act, will be subject to market conditions, with interest rates and other terms to be finalized at the time of pricing. The move follows Marathon’s proposal earlier this year for $250 million convertible notes due in 2031, targeting Bitcoin purchases and corporate financing. These notes also pay six months’ interest.