Marathon Digital to Raise $500M in Convertible Notes
The bitcoin miner will use the proceeds to buy bitcoin and bitcoin miners.
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Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, will raise $500 million through a convertible senior notes offering, due in 2026.
- The notes will be unsecured and to be offered to institutional investors, according to a statement.
- The pricing as well as interest and conversion rates for the notes will be determined at a later date.
- The company said it will use the proceeds for general corporate purposes, which includes acquisition of bitcoin or bitcoin mining computers.
- On Nov. 10, Marathon beat its third-quarter earnings estimates but missed on revenue, while increasing mined bitcoin 91% from the previous quarter.
- On Nov. 8, Argo Blockchain (ARBK), the London-based cryptocurrency miner, said it has filed to raise up to $57.5 million in senior notes that would be due in November 2026, with an interest rate of 8.75%. Argo also said it might use some of those proceeds for purchasing mining equipment.
- The shares of Marathon were down slightly in pre-market trading on Monday, while bitcoin prices were up slightly.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
