MARA Holdings Announces $700 Million Convertible Senior Notes Offering

MARA Holdings has announced plans to offer $700 million in convertible senior notes through a private placement for qualified institutional buyers. The net proceeds from this offering will be utilized to repurchase a portion of its existing convertible notes and to acquire additional bitcoin.

Offering Details

• Notes Due: 2030
• Notes to Buy Back: Due 2026

According to a press release, MARA aims to give initial purchasers of the 2030 notes an option to buy up to an additional $105 million in notes.

The notes will be unsecured, senior obligations of MARA, with interest payable semi-annually on March 1 and September 1, beginning in 2025. The notes will mature on March 1, 2030, unless they are repurchased, redeemed, or converted beforehand.

Use of Additional Bitcoin

The additional bitcoin purchased will serve general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and the repayment of debt and other obligations.

Recent Earnings Report

MARA, previously known as Marathon Digital, reported its third-quarter earnings results this week. Although the largest publicly traded miner fell short of estimates, it showed improvement compared to the second quarter.