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Marathon Digital announces 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 of convertible notes in a private placement to fund purchases of BTC and general corporate purposes.
In a press release on Monday, Nov. 18, the Florida-headquartered company said the notes will bear interest payable semi-annually and mature on March. 1, 2030. Holders will have the option to convert the notes into cash, shares of Marathon stock, or a combination of both. Marathon also granted initial purchasers a 13-day option to buy an additional $105 million in notes.
Marathon to buy more Bitcoin
Proceeds of up to $200 million will be used to repurchase Marathon’s 2026 convertible notes, while the remainder will support Bitcoin purchases and business operations. Redemption options will be available from March 2028, and noteholders can request a buyback in December 2027, per the press release.
According to data from Bitcoin Treasuries, Marathon holds around 25,945 BTC valued at $2.3 billion at current prices.
The offering, limited to qualified institutional buyers under Rule 144A of the U.S. Securities Act, remains subject to market conditions, with interest rates and other terms will be finalized at pricing, Marathon added. The move follows Marathon’s $250 million convertible note offering earlier this year, maturing in 2031, aimed at Bitcoin purchases and corporate funding. Those notes also pay semi-annual interest.