MARA Holdings raises its note offering to $850M, planning to use proceeds for Bitcoin acquisitions and corporate initiatives. The company expects to generate $835 million, with a portion allocated to repurchase convertible notes due in 2026.
According to a Dec. 2 statement, MARA Holdings (MARA), the largest publicly traded Bitcoin miner on Wall Street, has raised the amount of its convertible senior notes offering from $700 million to $850 million. The company intends to allocate a portion of the net proceeds toward future Bitcoin acquisitions.
The company has the discretion to convert the zero-interest notes, which are set to mature in 2031, into cash, common stock shares, or a combination of both.
The Bitcoin mining company anticipates that the offering will generate approximately $835 million in net proceeds, with the potential to reach $982 million if additional notes are fully purchased.
MARA intends to repurchase approximately $51 million of existing convertible notes due in 2026 with $48 million of the proceeds.
The majority of the residual net proceeds from the sale of the notes will be allocated to the acquisition of additional Bitcoin. These funds will also be utilized to support a variety of corporate initiatives, including strategic acquisitions.
The company recently acquired 703 Bitcoin in November, bringing its monthly total purchases to 6,474 BTC. This acquisition was made after the company raised $1 billion through a previous zero-interest convertible senior note sale. Marathon also allocated $160 million to acquire the decline.
MARA is now the second-largest corporate Bitcoin holder, with 34,794 Bitcoin valued at $3.3 billion. This position is further solidified by the recent acquisition of $1.5 billion worth of Bitcoin by MicroStrategy.
