Crypto Miner Marathon Digital Shares Tumble on $500M Offering

This post was originally published on this site — Crypto miner Marathon Digital Holdings Inc (NASDAQ:MARAshares fell over 11% after it revealed it will raise $500 million in convertible senior notes, in part to buy more bitcoin. 

According to a statement from the company, the notes are due in 2026 and will be offered to institutional investors. The pricing, interest rate, initial conversion rate, and other terms of the notes will be determined at a later date.

Marathon will use the money raised for general corporate purposes, including acquiring bitcoin or bitcoin mining machines.

Shares were also pressured by news that the company has received an SEC subpoena to produce documents and communications connected to the Hardin, Montana, data facility.