MARA Increases Convertible Senior Notes Offering Size by $150 Million

BlockBeats News, November 19th, according to CoinDesk, Bitcoin-listed mining firm MARA Holdings (MARA) has increased the previously announced convertible senior notes offering from $700 million to $850 million. The company has also raised the option amount for initial purchasers to purchase additional bonds from $105 million to $150 million.

This offering is expected to end on November 20th and is a private placement for eligible institutional buyers. The notes will mature on March 1, 2030, bear no regular interest, and can be converted into cash, MARA common stock, or a combination of both at MARA's discretion. The initial conversion price is approximately $25.91, a 42.5% premium to MARA's current stock price of $18.18.

The fundraising is expected to raise approximately $833 million, with $199 million allocated to repurchase MARA's existing $212 million convertible notes due in 2026. The remaining proceeds will be used for Bitcoin (BTC) purchases, asset expansion, and general corporate purposes.