The Bitcoin mining accomplice company Applied Digital will raise $150 million through the issuance of convertible preferred shares.

Golden Finance reports that the Bitcoin Mining Accomplice and Cloud Service Company Applied Digital has announced a private sale to raise $150 million through the issuance of convertible preferred stock. The par value and purchase price of the convertible preferred stock is $1,000 per share, with no attached preferred returns or 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 instead provides data center custody services for other mining companies.