Marathon Digital Holdings Inc. has closed an upsized $950 million private placement of zero-coupon convertible senior notes due 2032, enlarging the deal from the $850 million target it unveiled on 23 July. The notes were sold to qualified institutional buyers under Rule 144A, and investors were granted an option to purchase a further $200 million of securities. The company said approximately $940.5 million in net proceeds will be directed primarily toward buying additional Bitcoin, with a portion earmarked for general corporate purposes and balance-sheet management. About $18.3 million has already been used to repurchase $19.4 million of its 1.00% convertible notes due 2026. Marathon, the largest publicly listed Bitcoin miner by market value, holds roughly 50,000 BTC—making it the second-largest corporate holder after Strategy—and aims to expand that trove. The zero-coupon notes carry no regular interest and are initially convertible at $20.26 a share, representing a premium of about 40 % to the stock’s late-July volume-weighted average price. Marathon also entered into capped-call transactions intended to limit dilution upon conversion. The financing plan sent the shares down about 10 % to $17.80 when first disclosed, though the stock remained more than 25 % higher over the preceding month as Bitcoin traded near $118,000.