TechFlow reported that Marathon Digital Holdings, Inc. today announced the completion of its private placement of $300 million in 2.125% senior convertible notes due 2031. The notes were issued to qualified institutional buyers. Net proceeds from the offering were approximately $292.5 million.
MARA also announced that between August 12 and August 14, 2024, the company used a portion of the proceeds to purchase approximately 4,144 bitcoins for about $249 million in cash, at an average price of approximately $59,500 per bitcoin (including fees). The remaining funds will be used to acquire additional bitcoins and for general corporate purposes. The initial conversion rate for the notes is 52.9451 shares of MARA common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $18.89 per share.
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