MARA offers up to $1B of note offering to buy Bitcoin
Mara Holdings plans to offer up to $1 billion in convertible senior notes, with $850 million allocated for qualified institutional buyers and an option for an additional $150 million. Proceeds will fund Bitcoin purchases, repurchase existing notes due in 2026, cover capped call transaction costs, and support general corporate purposes. The notes will be senior unsecured obligations without interest, contingent on market conditions. The company recently acquired a minority stake in Two Prime, increasing its Bitcoin management. Mara's BTC production rose 35% in May, with annualized mining revenue surpassing $752 million. It holds 50,000 BTC, making it the second-largest corporate Bitcoin holder. Mara is also exploring a $2 billion stock sale to acquire more Bitcoin.
