MARA Holdings Expands Bitcoin Holdings With Convertible Notes

According to PANews, MARA Holdings, Inc., a prominent Bitcoin mining company, has announced an expansion of its Bitcoin holdings through the issuance of $1 billion in zero-coupon convertible senior notes. This strategic move has enabled the company to acquire an additional 703 Bitcoins, bringing the total number of Bitcoins purchased through this issuance to 6,474. The average purchase price per Bitcoin stands at $95,395, with a year-to-date return of 36.7% per Bitcoin. Currently, MARA Holdings possesses approximately 34,794 Bitcoins. Based on the current spot price of $95,000 per Bitcoin, the total value of these holdings is estimated to be around $3.3 billion. In a related financial maneuver, the company has repurchased a portion of its bonds due in 2026, valued at $200 million. After accounting for transaction costs, the remaining proceeds amount to approximately $160 million, which the company plans to utilize for future Bitcoin purchases, particularly if there is a decline in Bitcoin prices.