MARA Holdings Sets Record with $700 Million Convertible Notes to Enhance Bitcoin Holdings

MARA Holdings Announces $700 Million Offering to Expand Bitcoin Holdings

MARA Holdings, a major Bitcoin miner, has announced a proposed private offering of $700 million in zero-coupon convertible senior notes. These notes are intended to repurchase existing notes and acquire more Bitcoin. The offering will be available to qualified institutional investors, subject to market conditions, and could include an additional $105 million in aggregate principal amount for initial purchasers, according to a press release.

The notes will be unsecured, senior obligations of MARA, and are not expected to bear interest. At MARA’s discretion, the notes will be convertible into cash, common stock, or a combination of both.

MARA plans to use up to $50 million of the net proceeds from the offering to repurchase a portion of its convertible notes due in 2026. The remaining funds will be allocated for acquiring more Bitcoin and general corporate purposes.

MARA’s Bitcoin Production and Mining Update for November

MARA previously announced a similar convertible note offering on November 18, which helped the company acquire 6,474 BTC, valued at approximately $615 million at current prices. These newly acquired Bitcoins are included in the company’s November production and mining update. Additionally, MARA mined 907 BTC in November, valued at around $86.2 million. This represents a 26% month-over-month increase, making up 6.6% of all Bitcoin miner rewards for the month.

In total, MARA has mined 8,563 BTC and acquired 12,965 BTC in 2024, bringing its total Bitcoin holdings to 34,959 BTC, worth approximately $3.3 billion. According to Bitcoin Treasuries, this makes MARA the largest public Bitcoin miner in terms of Bitcoin holdings.

Record-Breaking Performance in November

MARA’s mining operations achieved record-breaking levels of production in November. The company attributed its success to the deployment of additional miners and improved operational efficiency. Fred Thiel, Chairman and CEO of MARA, expressed enthusiasm about the company’s strong performance, calling November a milestone month for their mining operations.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.