Marathon Digital Holdings, one of the largest Bitcoin (BTC) mining companies in the Us, is looking to raise $500 million in debt to buy Bitcoin and set up new Bitcoin miners.

The Nasdaq-listed company officially announced Monday a private debt offering featuring a $500 million aggregate chief amount of its convertible senior notes. The company likewise expects to grant the initial purchasers an option to purchase upwards to an additional $75 1000000 master amount of notes after xiii days from the date the notes are first issued.

"The notes will be senior, unsecured obligations of Marathon, volition accrue interest payable semi-annually in arrears and will mature on December. ane, 2026, unless earlier repurchased, redeemed or converted," the announcement notes.

According to the announcement, Marathon will use the raised majuscule for general corporate purposes, like the acquisition of Bitcoin or setting up new Bitcoin mining devices.

"This is non factored into anyone's model," ​​MicroStrategy CEO Michael Saylor noted, referring to the newly-appear offering.

Marathon's stock has already reacted to the news, with MARA shares surging more 7% over the by 24 hours and trading at $75.9 at the fourth dimension of writing, according to data from TradingView. As previously reported past Cointelegraph, MARA reached a six-year loftier in early November, with Marathon accumulating $460 meg worth of Bitcoin.

Related: Bitcoin miner Stronghold volition list almost 6M shares in its $100M IPO

Apart from posting major success in its own stock, Marathon has been driving a number of the Bitcoin manufacture-linked investment products, including exchange-traded funds (ETFs). As such, Marathon's stock is part of many crypto substitution-traded products (ETPs ) that track industry companies, including Volt Disinterestedness's Crypto Industry Revolution and Tech ETF, Melanion Capital's BTC Equities Universe UCITS ETF, Cosmos Asset Management's Global Digital Miners Access ETF and others.