Bit Digital Inc (NASDAQ:BTBT) announced a proposed registered underwritten public offering by the company of $100 million total principal amount of its convertible senior unsecured notes due 2030, subject to market and other conditions.
The digital asset platform said net proceeds from the offering will be used primarily to purchase Ethereum and may be used by the company for general corporate purposes, including potential investments, acquisitions and other business opportunities relating to digital assets.
The interest rate, initial conversion rate and certain other terms of the notes will be determined at the time of pricing.
Bit Digital stated that the notes will mature on October 1, 2030, unless earlier converted, redeemed or repurchased.
The company added that it intends to grant the underwriters in the offering a 30-day option to purchase up to an additional $15 million total principal amount of notes on the same terms and conditions, solely to cover over-allotments.
Barclays, Cantor and B Riley Securities are acting as joint lead book-running managers for the offering.