Marathon Digital, a large Bitcoin mining company, announced on Monday (12th) that it plans to issue convertible senior bonds with a total amount of $250 million due in 2031 to qualified institutional buyers through private placement. The company expects to use the net proceeds from the issuance to acquire additional Bitcoin and for general corporate purposes.

According to the announcement, Marathon's issuance is subject to market and other conditions, meaning that despite this intention, there is no guarantee that it will be completed under the established conditions. These notes will be unsecured senior debt, with interest paid on the first day of March and September each year starting from next year.

According to Marathon's July Bitcoin production and mining operations update released last week, the company increased its holdings by a total of 2282 bitcoins in July, bringing its Bitcoin holdings to 20818 BTC, valued at approximately $1.24 billion based on pre press prices. Marathon also announced last month that it will adopt a "HODL" strategy for its Bitcoin financial policy, retaining all Bitcoin mined in its operations and regularly conducting strategic open market purchases.