Stronghold converts its multimillion-dollar debt into stock
Bitcoin miner from the United States Stronghold has signed an agreement with a bond organization. As a result, the virtual coin mining company's debt was converted into equity. The amount owed is $17.9 million.
The statement, which was filed with the SEC, contains information that the debts will be repaid with shares, the nominal value of which is about $23.1 million.
Thus the mining company is trying to put its financial situation in order. The company has also abandoned its hosting arrangements with Northern Data. Stronghold also closed its financial obligations to NYDIG. Recall that Stronghold was owed $67.4 million.
Company representatives hope that the conversion deal will be implemented in February of this year. The shares will cost about forty U.S. cents per unit.