Marathon Digital Holdings (NASDAQ:MARA) has priced upsized offering of $650M (from $500M) of 1.00% convertible senior unsecured notes due December 1, 2026 in a private offering. The issuance and sale of the notes are expected to close on or about November 18, 2021. Initial purchasers granted an option to purchase up to an additional $97.5M of notes. The notes will accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. Net proceeds to be approximately $633.2M (or approximately $728.2M if the initial purchasers fully exercise their option). The company intends to use the net proceeds for general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines. The SEC also issued a subpoena for company's mining facility in Montana. Shares down 6.3% premarket. Bitcoin (BTC-USD) fell below $60K while the cryptocurrency ether (ETH-USD) also dropped by 10%.
