Marathon Digital upsizes debt offering to $1 billion for Bitcoin expansion
Marathon Digital, a Nasdaq-listed Bitcoin mining company, plans to conduct a $1 billion debt offering maturing in 2030, up from an initial target of $700 million due to strong investor demand. The offering consists of zero-interest senior notes, convertible into cash or shares of MARA stock. The notes will mature on March 1, 2030, unless redeemed or converted earlier. Funds will be used to acquire more Bitcoin and repurchase $212 million in convertible notes due in 2026. The conversion rate is set at 38.5902 shares per $1,000 principal, with an initial conversion price of about $25.91 per share, representing a 42.5% premium over MARA's average stock price. Marathon expects to net approximately $833 million from the offering, potentially increasing to $980 million with full exercise of options. The proceeds will support Bitcoin acquisitions, corporate expansion, strategic investments, and debt repayment. Marathon currently holds 27,562 BTC, valued at approximately $2.5 billion, making it the second-largest Bitcoin-holding public company.
