Crypto mining company Marathon Digital Holdings has increased its convertible note offering by $150 million, raising the total to $850 million from the original $700 million. This move is aimed at funding additional Bitcoin acquisitions.
In a press release on Tuesday, November 19, Marathon revealed that the 0.00% convertible notes, which are set to mature on March 1, 2030, will be sold in a private offering to qualified institutional buyers. The offering is expected to close on November 20, pending standard conditions.
The company added that note holders can require Marathon to repurchase the notes for cash starting on December 1, 2027, or if certain corporate changes occur. Marathon expects to raise net proceeds of approximately $833 million from the offering, with around $199 million allocated to repurchase existing convertible notes due in 2026. The remaining funds will be used for Bitcoin acquisitions, corporate growth, and debt reduction.
Following the announcement, Marathon’s stock rose by 2.4% in pre-market trading, reaching $18.50 per share, according to Nasdaq data.
This development comes just hours after Marathon’s initial announcement of the $700 million private convertible note offering, which was also aimed at financing Bitcoin purchases, corporate growth, and debt repayment. The notes offer holders the option to convert them into cash, Marathon stock, or a combination of both.
As of now, Marathon holds approximately 25,945 BTC, valued at around $2.3 billion based on current market prices, according to Bitcoin Treasuries.
