Listed Bitcoin mining company MARA Holdings has increased its previously announced issuance of convertible senior notes from US$700 million to US$850 million. The company also increased the amount of options for initial purchasers to purchase additional bonds to $150 million from $105 million. The offering is expected to close on November 20 and is a private placement targeting qualified institutional buyers.
The notes mature on March 1, 2030, are free of regular interest, and are convertible at MARA’s discretion into cash, shares of MARA common stock, or a combination of both. The initial conversion price is approximately $25.91, a 42.5% premium to MARA’s current share price of $18.18. The proceeds are expected to be approximately $833 million, of which $199 million will be used to repurchase MARA’s existing $212 million in convertible notes in 2026.
The remainder will be used for Bitcoin (BTC) acquisitions, asset expansion, and general corporate purposes.
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