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Finance

Marathon Digital to Raise $500M in Convertible Notes

The bitcoin miner will use the proceeds to buy bitcoin and bitcoin miners.

By Aoyon Ashraf
AccessTimeIconNov 15, 2021 at 1:23 p.m. UTC
Updated May 11, 2023 at 7:06 p.m. UTC
Bitmain mining machines at a Canada Computational Unlimited Inc. computation center in Joliette, Quebec, Canada, on Friday, Sept. 10, 2021. CCU.ai, a Bitcoin mining center powered by hydroelectricity, has been conditionally approved for trading on the TSX Venture Exchange in Toronto under the stock symbol SATO.

Crypto mining machines (Christinne Muschi/Bloomberg via Getty Images)

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Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, will raise $500 million through a convertible senior notes offering, due in 2026.

  • The notes will be unsecured and to be offered to institutional investors, according to a statement.
  • The pricing as well as interest and conversion rates for the notes will be determined at a later date.
  • The company said it will use the proceeds for general corporate purposes, which includes acquisition of bitcoin or bitcoin mining computers.
  • On Nov. 10, Marathon beat its third-quarter earnings estimates but missed on revenue, while increasing mined bitcoin 91% from the previous quarter.
  • On Nov. 8, Argo Blockchain (ARBK), the London-based cryptocurrency miner, said it has filed to raise up to $57.5 million in senior notes that would be due in November 2026, with an interest rate of 8.75%. Argo also said it might use some of those proceeds for purchasing mining equipment.
  • The shares of Marathon were down slightly in pre-market trading on Monday, while bitcoin prices were up slightly.

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Aoyon Ashraf
Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @Aoyon_A on Twitter

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