MARA Holdings, the largest publicly listed Bitcoin miner, has successfully raised $950 million via a private offering of 0.00% convertible senior notes due 2032. Initially planned as an $850 million raise, the offering was upsized due to demand. The company aims to use a significant portion of the proceeds to acquire more Bitcoin and strengthen its corporate treasury.
MARA disclosed that it spent $18.3 million of the proceeds to repurchase some of its 1.00% convertible senior notes due 2026 and $36.9 million on capped call transactions. Additionally, initial purchasers have a 13-day window to buy an extra $200 million in notes, potentially increasing the total raise to $1 billion.
This aggressive capital move aligns with MARA’s strategy of deepening its Bitcoin exposure amid broader institutional interest in crypto assets. The miner’s growing war chest could make it a key player in the next Bitcoin accumulation cycle.
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