MARA increases convertible senior notes offering from $700 million to $850 million

MARA Holdings (MARA), a publicly traded Bitcoin miner, has increased its previously announced convertible senior notes offering from $700 million to $850 million. The company has also increased the option amount for initial purchasers to purchase additional notes from $105 million to $150 million. The offering, which is expected to close on November 20, is a private placement to qualified institutional buyers. The notes will mature on March 1, 2030, will not accrue regular interest, and are convertible into cash, shares of MARA common stock, or a combination of both, at MARA’s discretion. The initial conversion price is approximately $25.91, a 42.5% premium to MARA’s current share price of $18.18. The proceeds are expected to be approximately $833 million, of which $199 million will be used to repurchase MARA’s existing $212 million 2026 convertible notes. The remainder will be used for Bitcoin (BTC) acquisitions, asset expansion, and general corporate purposes. Earlier news, MARA plans to raise $700 million by issuing convertible senior notes to purchase more Bitcoin. (Coindesk)