Taking a play out of Saylor’s/MicroStrategy’s playbook, Marathon has plans to raise $500 million in debt to but Bitcoin and mining machines:

Marathon Digital Plans to Buy Bitcoin and Mining Machines, Raises $500M in Debt

• Founded over a decade ago, Marathon Digital Holdings is among the largest publicly-traded BTC mining companies.
• The firm’s announcement from earlier on November 15th outlined its plans to “offer, subject to market and other conditions, $500,000,000 aggregate principal amount of convertible senior notes due 2026.”
• The company’s offering will be a private one to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. If certain conditions are met, the total raised amount could rise by an additional $75 million.

• “Marathon also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $75,000,000 principal amount of notes.”

• These notes will be unsecured obligations of the company and will accrue interest payable twice per year, and will mature on December 1st, 2026, unless repurchased, redeemed, or converted earlier.
• The company plans to utilize the net proceeds for “general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines.”
• It’s worth noting that Marathon will not be the first publicly-traded large company to raise debt to purchase bitcoin.

Full article here: https://cryptopotato.com/marathon-digital-plans-to-buy-bitcoin-and-mining-machines-raises-500m-in-debt/