Marathon upsizes convertible note offering to $850m to buy more Bitcoin

Crypto mining company Marathon has increased its convertible note offering by $150 million to buy more Bitcoin.

Bitcoin (BTC) mining company Marathon Digital Holdings raised its convertible debt offering from $700 million to $850 million to buy more Bitcoin. The 0.00% notes due March 1, 2030 will be sold in a special offer to qualified institutional buyers, the Bitcoin miner said in a press release on Tuesday, November 19. The IPO is expected to close on November 20, subject to customary conditions.

The company added that holders of the bonds can request MARA to repurchase them for cash starting December 1, 2027, or in the event of certain corporate changes. MARA estimates it will receive net proceeds of $833 million from the sale and plans to allocate approximately $199 million to repurchase its existing convertible bonds through 2026. The remaining funds will be used for Bitcoin purchases, corporate growth and debt repayment.

Following the announcement, Marathon’s shares rose 2.4% to $18.5 in premarket trading, according to Nasdaq data.

The update came just hours after the Florida-based company announced a $700 million private convertible note offering to finance debt repayment, Bitcoin purchases and corporate needs. Holders will have the option to convert the notes into cash, Marathon shares, or a combination of both.

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