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Crypto miner Marathon Digital Holdings is borrowing $500 million to buy bitcoin
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Marathon Digital on Monday said it plans to sell hundreds of millions of dollars worth of debt and use some of the funds it raises to buy bitcoin.
Shares dropped, with pressure also coming after the cryptocurrency miner disclosed receiving a regulatory subpoena related to a data center.
Marathon Digital plans to offer to qualified institutional buyers $500 million of convertible senior notes due 2026, it said in a statement. Initial purchasers will have the option to buy an additional $75 million principal amount of notes, and investors would be able to convert the notes to common stock in certain circumstances and during specified periods, Marathon Digital said.
With potential dilution in view, investors pushed the
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