Bitcoin mining hosting company Applied Digital to raise $150 million via convertible preferred stock offering

Applied Digital, a Bitcoin mining hosting and cloud service company, announced that it will raise $150 million through private placement of convertible preferred stock, with a face value and purchase price of $1,000 per share, without preferential returns or preferred stock dividends. The new funds will be used to advance the construction of its second data center. It is reported that Applied Digital does not directly participate in Bitcoin mining, but provides data center hosting services for other mining companies.