(Bloomberg) -- Bitcoin miner Marathon Digital Holdings Inc. said it will sell $250 million of convertible senior notes and use the proceeds to buy more of the cryptocurrency.

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In July, Marathon announced that it bought $100 million of Bitcoin and was re-adopting a strategy of holding Bitcoin on its balance sheet. The Fort Lauderdale, Florida-based company is retaining all the Bitcoin it mines and will continue to make open market purchases.

The notes, which will be offered in a private placement to institutional investors, mature in 2031, the company said in a statement Monday.

--With assistance from Muyao Shen.

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