Mara Holdings, one of the largest publicly traded crypto mining firms, has announced its intention to offer convertible senior notes worth up to $1 billion.
Announcement of Senior Notes Offering
According to the company's announcement on July 23, Mara Holdings intends to issue $850 million in convertible senior notes for qualified institutional buyers, maturing in 2032. Investors will have the option to purchase an additional $150 million, potentially raising the total to $1 billion.
Financial Goals and Use of Proceeds
Up to $50 million of the proceeds is expected to be used for repurchasing part of its existing 1.00% convertible senior notes due in 2026. The remainder will cover the costs associated with the transactions, acquire additional Bitcoin, and fund general corporate purposes.
Bitcoin Holdings Strategy
According to available data, Mara Holdings holds 50,000 Bitcoins, making it the second largest corporate Bitcoin holder after Strategy, which has 607,000 BTC.
The announcement of the convertible notes offering highlights Mara Holdings' ongoing commitment to increasing its Bitcoin reserves and expanding its business. The company also considers a stock sale to use proceeds for substantial Bitcoin acquisitions.
