Marathon Digital will privately exchange approximately $417 million of 2026 maturity notes for common stock

ChainCatcher news, according to Globe Newswire, Bitcoin mining company Marathon Digital announced that it has entered into privately negotiated exchange agreements with certain holders of its 1.00% convertible senior notes maturing in 2026, exchanging approximately $417 million in principal amount of notes held by these holders for a total of approximately 26.2 million newly issued shares of Marathon common stock, with no cash proceeds from the issuance of common stock, and the final number of shares to be issued will be determined in the coming days.

It is reported that Marathon will also pay investors cash for accrued and unpaid interest on the exchanged notes. After the exchange, approximately $331 million in principal amount of notes will remain outstanding. In certain cases, the entire transaction may be canceled.