Marathon Digital has announced plans to raise $250 million through the sale of convertible notes in a private placement.
The money will be used to purchase more Bitcoin and for general corporate purposes. The notes will accrue interest every six months and mature on September 1, 2031.
The interest rate and conversion rate will be determined during the pricing process, as stated by the Fort Lauderdale, Florida-based miner in a statement.
Currently, Marathon holds a larger amount of Bitcoin compared to its competitors, with over 20,800 BTC worth $1.2 billion at current prices, according to bitcointreasuries.com.
This is more than double the amount held by the next biggest holder, Hut 8. In the second quarter, Marathon sold 51% of the Bitcoin it mined to cover its operating costs.
