According to online reports, Applied Digital, a bitcoin mining hosting and cloud services company, announced that it will raise US$150 million through a private offering of convertible preferred shares. The face value and purchase price of the convertible preferred shares are US$1,000 per share, with no priority income or priority dividends. The new funds will be used to promote 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 to other mining companies.