Odaily News Applied Digital, a bitcoin mining hosting and cloud services company, 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 an additional $75 million available to initial purchasers. The company plans to use part of the funds for capped option transactions to hedge shareholder dilution risks and invest approximately $84 million in stock repurchases. Applied Digital is not directly involved in bitcoin mining, but provides data center hosting services to other companies. Its latest quarterly report shows that $34.8 million of its $60.7 million in revenue came from bitcoin mining hosting business, and the remaining 43% came from cloud services business.