MARA Holdings, Inc. has announced plans to raise $700 million through a private offering of convertible notes, aiming primarily to bolster their Bitcoin acquisitions.
Target Amount and Raised Funds
The company intends to raise $700 million through a private placement of convertible senior notes. Up to $200 million of these funds will be used to repurchase existing convertible notes due in 2026, with the remaining funds earmarked for Bitcoin purchases and general corporate purposes.
Terms and Planning
The notes will be unsecured and mature in 2030, with semi-annual interest payments starting in 2025. Marathon Digital has the option to convert these notes into cash, common stock, or a combination of both, at its discretion. Initial purchasers have a 13-day window to buy up to an additional $105 million of notes.
Marathon Digital's Market Role
Currently the leading publicly listed Bitcoin mining company, Marathon Digital holds 27,562 Bitcoin, positioning itself as the second-largest public holder of BTC, trailing only MicroStrategy. The company remains committed to its strategy of holding all mined Bitcoin and making ongoing purchases.
The company continues to strengthen its position in the Bitcoin space, maintaining its status as the second-largest publicly listed holder of the cryptocurrency, just behind MicroStrategy.
