MARA Holdings Completes $950 Million Offering to Purchase Additional Bitcoin

MARA Holdings (MARA) has completed a $950 million offering of 0.00% convertible senior notes due 2032, with plans to use most proceeds for bitcoin purchases. The offering may increase to $1.15 billion if underwriters fully exercise their option.

Net proceeds of approximately $940.5 million will also finance the retirement of $19.4 million in existing 1.00% notes due 2026.
Funds will support capped call transactions priced at a strike of $24.14 per share, a 40% premium over MARA’s reference price of $17.24.
The company holds about 50,000 BTC, valued near $6 billion, making it the second-largest public company bitcoin holder.
MARA shares closed at $17.16 on Monday, down 0.52%. Earnings report is expected on Aug. 7.