Mara Holdings announced plans to offer up to $1 billion in zero-interest convertible notes, with proceeds earmarked for repurchasing debt, buying Bitcoin and corporate expenses.
Mara Holdings, one of the largest publicly traded crypto mining firms, said it intends to offer up to $1 billion worth of convertible senior notes, with a portion of the funds intended for Bitcoin purchases.
According to a Wednesday announcement, $850 million of notes will be offered to qualified institutional buyers due in 2032. The company will also grant buyers an option to purchase an additional $150 million in principal, bringing the potential total to $1 billion.
Up to $50 million of the proceeds is expected to be spent on repurchasing a portion of its existing 1.00% convertible senior notes due 2026. The remainder will be used to cover the costs of the capped call transactions, acquire additional Bitcoin (BTC) and fund general corporate purposes.
