Home Business MARA Holdings Upsizes Convertible Notes Offering by $150M Amid Overwhelming Investor Demand

MARA Holdings Upsizes Convertible Notes Offering by $150M Amid Overwhelming Investor Demand

by Asia Insider

The second-biggest publicly traded bitcoin holding company is looking to increase its token stash and pay off existing debt.

MARA Holdings (MARA) has increased its previously announced convertible note offering from $700 million to $850 million.

It has also raised the option for initial purchasers to acquire extra notes to $150 million from $105 million. The offering is expected to close on Nov. 20, and is a private offering directed at qualified institutional buyers.

The notes maturing on March 1, 2030, will not bear regular interest and can be converted into cash, shares of MARA’s common stock, or a combination of both at MARA’s discretion.

The initial conversion price is approximately $25.91, which is a 42.5% premium over MARA’s current stock price, which is currently $18.18.

The proceeds are estimated to be around $833 million, with $199 million being used to repurchase the $212 million of MARA’s existing convertible notes for 2026. The rest will be allocated for bitcoin (BTC) acquisition, asset expansion, and general corporate purposes.

MARA is the second largest publicly traded holder of bitcoin, holding 27,562 BTC. This announcement comes after several other bitcoin holders companies, specifically MicroStrategy (MSTR) and Semler Scientific (SMLR), purchased more bitcoin.

MARA’s shares are up nearly 2% in pre-market trading after falling nearly 14% on Monday.

Source: Vietnam Insider

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