Bitcoin mining firm Marathon Digital Holdings announced its plan to issue, subject to market conditions and other factors, a total of $250 million in convertible preferred notes through a private placement to individuals who are deemed to be qualified institutional buyers. The notes are scheduled to mature in 2031. Additionally, MARA anticipates offering additional notes with an aggregate principal amount of up to $37.5 million to the initial purchasers of the notes within 13 days after the first issuance. The proceeds from this issuance will be used to acquire more bitcoins and to meet the company's general requirements, including working capital, strategic acquisitions, expansion of existing assets, and debt repayment.