Mara Holdings, a well-known player in the crypto mining market, has announced plans to issue convertible senior notes worth up to $1 billion for purchasing Bitcoin.
Plan for Bond Issuance and Fund Utilization
Mara Holdings stated its intention to offer $850 million of convertible senior notes to qualified institutional purchasers, with a maturity date set for 2032. Additionally, investors can purchase up to $150 million more, potentially raising total proceeds to $1 billion if this option is exercised. The company plans to use up to $50 million of net proceeds to repurchase part of its existing 1.00% convertible senior notes maturing in 2026. The remaining funds will be allocated for capped-call transaction fees, purchasing Bitcoin at approximately $118,487 per coin, and general corporate expenses.
Bitcoin Accumulation Strategy
Mara Holdings reiterated that Bitcoin is central to its treasury strategy, with accumulating digital currency being a key component of its long-term growth plan. Moreover, in early June, Mara reported a 35% increase in its Bitcoin output in May, despite the ongoing higher difficulty in mining and a rising network hashrate. Figures released in late May indicated the company’s annual revenue from mining exceeded $752 million, setting a new record for its operations.
Trump Media's Position in the Crypto Market
Trump Media, parent of Truth Social, reaffirmed its intentions to boost its Bitcoin assets, acquiring around $2 billion in BTC and related securities. The company stated it would continue to increase its Bitcoin holdings and may convert corporate options into BTC depending on market conditions. The acquisition of Bitcoin holdings reflects a growing trend among companies to adopt a crypto treasury model inspired by Michael Saylor’s Strategy.
In summary, both Mara Holdings and Trump Media are confirming their strategies of accumulating Bitcoin reserves, clearly demonstrating the trend of reinforcing cryptocurrency positions in corporate finance.
