Marathon Digital issues $850 million convertible bonds to repurchase debt and acquire Bitcoin

According to ChainCatcher news reported by Decrypt, Bitcoin mining company Marathon Digital Holdings (MARA) is issuing $850 million in convertible notes, with an option to expand to $1 billion, as part of a plan to repurchase existing debt, acquire Bitcoin, and fund corporate plans during the cryptocurrency market recovery.

The company plans to use $199 million of the expected net proceeds of $833 million from this sale to repurchase its existing $212 million 2026 convertible notes. Marathon Digital stated that the remaining portion will be used to purchase more Bitcoin and for general corporate purposes, including working capital, strategic acquisitions, asset expansion, and repaying other debts.