MARA Holdings announced a proposed private offering of $850 million in zero coupon convertible senior notes due in 2032, with an additional $150 million acquisition option for initial purchasers. The unsecured notes are not expected to bear regular interest and mature on August 1, 2032. Proceeds will fund a portion of existing convertible note repurchase, capped call transactions, Bitcoin purchases, and general corporate purposes. The notes will be convertible into cash or stock, with a conversion reference price linked to market performance. The offering supports MARA's commitment to strengthen its Bitcoin strategy.
The proposed private offering consists of $850 million in zero coupon convertible senior notes due 2032, with an option for purchasers to acquire an additional $150 million.
MARA plans to use up to $50 million of the proceeds to repurchase existing convertible notes due 2026, with remaining funds for corporate purposes.
The notes are convertible into cash, shares of MARA's common stock, or a combination, with the conversion price based on the stock's volume weighted average price.
In May 2025, the company mined 950 BTC, raising its total Bitcoin holdings to 49,179 BTC, reflecting ongoing commitment to a Bitcoin-centered strategy.
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