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Crypto Miner Marathon Digital Shares Tumble on $500M Offering -Breaking

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© Reuters.

Sam Boughedda

Investing.com — Crypto miner Marathon Digital Holdings Inc (NASDAQ:) After it announced that it would raise $500,000,000 in convertible senior notes to purchase more bitcoin, its shares plunged over 11%. 

The company stated that the notes will be available to institutional investors in 2026. Pricing, the initial conversion rate and any other terms will be decided at a later time.

Marathon plans to use any money raised for corporate purposes. This includes buying bitcoin and mining bitcoin machines.

The news that the SEC has subpoenaed them to produce information and communications related to Hardin’s Montana data facility also put pressure on their shares. 

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