Marathon Digital announced the pricing of an upsized private offering of $850 million convertible senior notes due 2030, with an option for initial purchasers to buy an additional $150 million. The offering is expected to close on November 20, 2024, with estimated net proceeds of $833 million, potentially reaching $980 million if the additional option is exercised.The company plans to use approximately $199 million of the proceeds to repurchase $212 million of its existing convertible notes due 2026. The remaining funds will be allocated for bitcoin acquisition and general corporate purposes, including working capital, strategic acquisitions, asset expansion, and debt repayment.The notes will be convertible into cash, common stock, or a combination thereof at Marathon's election. Holders will have the right to require repurchase on December 1, 2027, and Marathon may redeem the notes after March 5, 2028, subject to certain conditions including maintaining at least $75 million in outstanding notes.

Marathon Digital announced the pricing of an upsized private offering of $850 million convertible senior notes due 2030, with an option for initial purchasers to buy an additional $150 million. The offering is expected to close on November 20, 2024, with estimated net proceeds of $833 million, potentially reaching $980 million if the additional option is exercised.The company plans to use approximately $199 million of the proceeds to repurchase $212 million of its existing convertible notes due 2026. The remaining funds will be allocated for bitcoin acquisition and general corporate purposes, including working capital, strategic acquisitions, asset expansion, and debt repayment.The notes will be convertible into cash, common stock, or a combination thereof at Marathon's election. Holders will have the right to require repurchase on December 1, 2027, and Marathon may redeem the notes after March 5, 2028, subject to certain conditions including maintaining at least $75 million in outstanding notes.