Today Marathon Digital Holdings, one of the largest publicly-traded Bitcoin miners in North America, announced a proposed convertible senior notes offering. The firm plans to offer $500,000,000 aggregate principal of convertible senior notes due in 2026.

Marathon intends to use the net proceeds from the offering to acquire more Bitcoin and Bitcoin mining equipment, taking a play out of Michael Saylor’s MicroStrategy playbook. The pricing, interest, and conversion rates on the Marathon notes have yet to be determined. 

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