Summary by Moomoo AI
On December 4, 2024, Marathon Digital completed its $850 million private offering of 0.00% convertible senior notes due 2031. The notes were sold to qualified institutional buyers under Rule 144A. The net proceeds were approximately $835.1 million after deductions. Marathon plans to use $48 million of the proceeds to repurchase $51 million of its existing convertible notes due 2026. The remaining funds will be used to acquire additional bitcoin and for general corporate purposes, including working capital and strategic acquisitions. The notes are convertible into common stock at an initial rate of 28.9159 shares per $1,000 principal amount. They mature on June 1, 2031, with redemption options starting June 5, 2029, under specific conditions.
