Marathon Digital Holdings Announces $250 Million Private Offering of Convertible Senior Notes for Bitcoin Acquisition
Marathon Digital Holdings, Inc. (NASDAQ: MARA), a pioneer in digital asset compute and energy transformation, has revealed plans to launch a private offering of $250 million aggregate principal amount of convertible senior notes. The aim is to use the proceeds primarily for acquiring bitcoin and for general corporate purposes.
Details of the Offering
- The notes, with a maturity date in 2031, will be unsecured senior obligations of MARA.
- Interest on the notes will be payable semi-annually from March 1, 2025, and will mature on September 1, 2031.
- Initial purchasers have the option to acquire an additional $37.5 million aggregate principal amount of notes within a 13-day period after the issuance date.
- The notes can be converted into cash, shares of MARA’s common stock, or a combination of both.
Redemption and Repurchase Terms
- Starting from September 6, 2028, MARA has the option to redeem all or a portion of the notes for cash.
- Noteholders will have the right to request MARA to repurchase their notes for cash on March 1, 2029.
- The interest rate, initial conversion rate, and other terms will be determined during the pricing of the offering.
Use of Proceeds
- The net proceeds from the offering will primarily be used for acquiring additional bitcoin and general corporate purposes.
- These purposes may include working capital, strategic acquisitions, asset expansion, and debt repayment.
Private Offering Details
- The notes will exclusively be offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
- The offer and sale of the notes are not registered under the Securities Act or any other jurisdiction’s securities laws.
- This makes them subject to specific resale restrictions.
About Marathon Digital Holdings
- Marathon Digital Holdings, Inc. is a global frontrunner in digital asset compute, focusing on innovative technologies to foster a sustainable and inclusive future.
- The company plays a pivotal role in securing leading blockchain ledgers and facilitating energy transformation by converting clean, stranded, or underutilized energy into economic value.
Forward-Looking Statements
- This announcement includes forward-looking statements related to various aspects of the offering, use of proceeds, and terms of the notes.
- These statements are based on current expectations and carry risks and uncertainties that may lead to actual results differing.
- Market conditions and factors discussed in MARA’s SEC filings could impact the outcome.
🔥Hot Take: Marathon Digital Holdings Forges Ahead with Bitcoin Acquisition Plans🔥
As a crypto enthusiast, you might find Marathon Digital Holdings’ move to raise $250 million for acquiring bitcoin through a private offering intriguing. The potential impact on the company’s operations and the crypto market as a whole is something to keep an eye on!
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