Applied Digital, a bitcoin mining escrow and Cloud as a Service 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 expire in 2030, and initial purchasers can buy an additional $75 million. The company plans to use some of the funds to trade capped options to hedge shareholder dilution risk and invest about $84 million in share buybacks. Applied Digital is not directly involved in bitcoin mining, but provides data center hosting services to other companies. Its latest fiscal quarter report shows that 34.80 million of the $60.70 million in revenue came from bitcoin mining hosting business, and the remaining 43% came from Cloud as a Service business.