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Marathon Digital Raises Notes Offering Size to $650M

Cryptocurrency mining company Marathon Digital Holdings (Nasdaq: MARA) will issue $650 million of 1 percent convertible senior notes due 2026 in a private offering.

The company said Monday it gave the initial buyers of the notes an option to purchase up to an additional $97.5 million notes.

Marathon previously announced an offering of $500 million of convertible senior notes.

The notes will mature on Dec. 1, 2026, and will be senior, unsecured obligations of the Las Vegas-based digital asset technology company. The notes will also accrue interest at 1 percent per annum that could be paid in arrears twice each year, starting June 1, 2022, and will be redeemable for cash at the company’s option on or after Dec. 6, 2024, “and on or before the 21st scheduled trading day immediately before the maturity date.”

The company expects the issuance and sale of the notes to settle on or about Nov. 18, subject to customary closing conditions.

Marathon said it expects the notes offering to generate about $633.2 million in net proceeds and plans to use the proceeds to acquire bitcoin and bitcoin mining machines, among other general corporate purposes.

On Jan. 27, the Potomac Officers Club is bringing together distinguished government and industry leaders to offer the GovCon community an insight into the national security aspect of digital currencies.

POC’s Digital Currency and National Security forum will feature National Cyber Director Chris Inglis and Juan Zarate, global co-managing partner and chief strategy officer at K2 Integrity, as keynote speakers.

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