Marathon Digital announced the pricing of $850 million 0.00% convertible senior notes due 2031 in a private offering to qualified institutional buyers. The company granted initial purchasers an option to purchase an additional $150 million in notes. The notes will be convertible into cash, shares, or a combination at an initial conversion price of $34.5831 per share, representing a 40% premium.The company expects net proceeds of approximately $835.1 million, or $982.5 million if the additional purchase option is exercised. About $48 million will be used to repurchase existing 2026 convertible notes worth $51 million, with the remainder allocated for bitcoin acquisition and general corporate purposes.The notes will mature on June 1, 2031, with no regular interest payments. Holders can require Marathon to repurchase notes on June 4, 2027, and June 4, 2029. The offering is expected to close on December 4, 2024, subject to customary conditions.

Marathon Digital announced the pricing of $850 million 0.00% convertible senior notes due 2031 in a private offering to qualified institutional buyers. The company granted initial purchasers an option to purchase an additional $150 million in notes. The notes will be convertible into cash, shares, or a combination at an initial conversion price of $34.5831 per share, representing a 40% premium.The company expects net proceeds of approximately $835.1 million, or $982.5 million if the additional purchase option is exercised. About $48 million will be used to repurchase existing 2026 convertible notes worth $51 million, with the remainder allocated for bitcoin acquisition and general corporate purposes.The notes will mature on June 1, 2031, with no regular interest payments. Holders can require Marathon to repurchase notes on June 4, 2027, and June 4, 2029. The offering is expected to close on December 4, 2024, subject to customary conditions.