Bitcoin miner MARA has announced the completion of an upsized private offering totaling $950 million for additional Bitcoin acquisitions.
Increase in Offering Size
The company initially aimed to raise $850 million, but strong institutional demand led to an increase in the offering size to $950 million.
Bitcoin Acquisition Strategy
MARA used zero-percent convertible senior notes due in 2032 to fund its Bitcoin acquisition strategy. The company has adopted a 'HODL strategy', claiming it never plans to sell newly minted coins.
Current Market Position
Currently, MARA holds 50,000 Bitcoins worth $5.8 billion, making it the second-largest corporate holder of Bitcoin. Only Strategy holds more Bitcoin among publicly traded companies. However, MARA's stock fell nearly 1% on Monday and has dropped 16% over the past year despite asset expansion.
Thus, MARA is actively increasing its Bitcoin holdings through funding, securing a strategic advantage in the rapidly changing market.
