Bitcoin mining company Greenidge Generation Holdings (GREE) plans to sell $35 million in senior notes, due in October 2026, according to a new filing.
- The issuance comes after the company raised $55.2 million in senior notes with similar terms on Oct. 13.
- The new $35 million notes will bear 8.5% interest accruing from Oct. 13, and are a “further issuance” to Greenidge’s $55.2 million raise.
- “We intend to use the net proceeds from this offering for general corporate purposes, including funding capital expenditures, future acquisitions, investments and working capital and repaying indebtedness,” the miner said in the filing.
- On Nov. 8, fellow crypto miner Argo Blockchain said it plans to raise up to $57.5 million in senior notes, due November 2026, with an interest rate of 8.75%.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.