Bitcoin Mining MARA Closes $950M Note Offering to Expand BTC Holdings
Bitcoin mining giant MARA Holdings (MARA) has successfully raised $950 million through a 0.00% convertible senior notes offering due 2032, further cementing its position as a major player in the Bitcoin ecosystem. The deal, announced Monday, could reach $1.15 billion if underwriters fully exercise their option.
According to the company, net proceeds of approximately $940.5 million will primarily go toward purchasing additional bitcoin, underscoring MARA’s aggressive accumulation strategy. A portion of the funds will also be used to retire $19.4 million of existing 1.00% notes due in 2026, support capped call transactions to reduce shareholder dilution risk, and for general corporate purposes.
The capped calls, priced with a strike at $24.14, represent a 40% premium to MARA’s reference share price of $17.24, suggesting strong institutional appetite and long-term confidence in the company’s trajectory.
Second-Largest Bitcoin Holder Among Public Firms
MARA has distinguished itself in the crypto sector by holding rather than selling its mined bitcoin—a move that’s helped it amass roughly 50,000 BTC, worth nearly $6 billion. This stash makes MARA the second-largest Bitcoin-holding public company, trailing only behind MicroStrategy.
Despite the bullish treasury move, MARA shares slipped 0.52% on Monday, closing at $17.16. Investors now await the company’s upcoming earnings report scheduled for August 7, which could provide further insight into its expansion strategy and bitcoin holdings.
With this bold funding round, MARA continues to double down on its Bitcoin-centric vision, reinforcing its belief in the long-term value of the world’s leading cryptocurrency.
