MARA Holdings has upsized its zero-coupon convertible notes offering to $850 million, increasing the initial purchasers' option for purchasing additional notes to $150 million.
The proceeds from the $850 million offering are estimated to be around $833 million, with significant allocations for bitcoin acquisition, asset expansion, and corporate purposes.
With the upsized notes, MARA, now the second largest publicly traded bitcoin holder, intends to leverage the funds to repurchase existing convertible notes and enhance its bitcoin holdings.
MARA’s initial conversion price for the convertible notes stands at approximately $25.91, a 42.5% premium over its current stock price of $18.18.
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