ChainCatcher news, according to CoinDesk, Bitcoin mining hosting and cloud services company Applied Digital (APLD) saw its stock price drop by 30% on Tuesday due to the company's quarterly earnings report falling nearly 18% below analyst expectations, with early trading prices around $3.90.The company reported quarterly revenue of $52.9 million, with particularly poor performance in its cloud services division, which saw a significant quarter-over-quarter revenue decline of 36%, dropping from $27.7 million in the previous quarter to $17.8 million. Applied Digital attributed this decline to the transition from single-tenant contracts to a multi-tenant, on-demand GPU model—this transition has faced technical challenges in its early stages.The company's board approved a plan on April 10 to sell its cloud services business, aiming to refocus on its core HPC data center operations and potentially position itself as a Real Estate Investment Trust (REIT) in the future.

ChainCatcher news, Bitcoin mining hosting and cloud service company Applied Digital plans to raise $375 million through a private placement of convertible notes. The notes have an annual interest rate of 2.75% and will mature in 2030, with initial purchasers also able to buy an additional $75 million. The company plans to use part of the funds for capped options trading to hedge against shareholder dilution risk and to invest approximately $84 million in stock buybacks.Applied Digital does not directly participate in Bitcoin mining but provides data center hosting services for other companies. Its latest quarterly report shows that out of $60.7 million in revenue, $34.8 million came from Bitcoin mining hosting services, while the remaining 43% came from cloud services.

ChainCatcher news, according to the official announcement, Nasdaq-listed mining company Marathon Digital has announced that it has signed a final purchase agreement to acquire Applied Digital's Bitcoin mining data center for $87.3 million. Marathon Digital will subsequently pay the purchase price in cash from its balance sheet.It is reported that by acquiring this data center, Marathon will directly own its current on-site operations and will additionally gain 100 megawatts of capacity for expansion, of which 32 megawatts are expected to be available at the closing of the transaction, while the remaining capacity will be available pending regulatory approval. Marathon expects to increase its power generation at this location by another 100 megawatts by 2024, to accommodate a total capacity of 200 megawatts dedicated to Marathon's Bitcoin mining operations.

ChainCatcher news, according to Globe Newswire, the Bitcoin mining company Applied Digital has launched an independent fund aimed at acquiring distressed cryptocurrency assets, with targets including mining hardware and digital infrastructure assets. The fund and the acquired assets will be managed by a new entity called Highland Digital, jointly established by it and GMR Limited, with the goal of raising up to $100 million from external investors.It is reported that Applied Digital does not expect to issue any equity to raise funds for the fund, nor does it intend to directly own any mining hardware. (Source link)