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Marathon Digital to Raise $500M in Convertible Notes
The bitcoin miner will use the proceeds to buy bitcoin and bitcoin miners.

Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, will raise $500 million through a convertible senior notes offering, due in 2026.
- The notes will be unsecured and to be offered to institutional investors, according to a statement.
- The pricing as well as interest and conversion rates for the notes will be determined at a later date.
- The company said it will use the proceeds for general corporate purposes, which includes acquisition of bitcoin or bitcoin mining computers.
- On Nov. 10, Marathon beat its third-quarter earnings estimates but missed on revenue, while increasing mined bitcoin 91% from the previous quarter.
- On Nov. 8, Argo Blockchain (ARBK), the London-based cryptocurrency miner, said it has filed to raise up to $57.5 million in senior notes that would be due in November 2026, with an interest rate of 8.75%. Argo also said it might use some of those proceeds for purchasing mining equipment.
- The shares of Marathon were down slightly in pre-market trading on Monday, while bitcoin prices were up slightly.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk's disclosure threshold of $1,000.

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