MARA plans to raise $700 million through the issuance of convertible preferred securities to purchase more Bitcoin

According to official news, the listed Bitcoin mining company MARA announced plans to raise $700 million through the issuance of convertible preferred notes in order to purchase more BTC. These notes will be unsecured priority debt for MARA and will bear interest, with payments made semi-annually on March 1st and September 1st starting from March 1, 2025.

MARA expects to use up to $200 million of the net proceeds from selling these notes to repurchase some of its existing convertible notes due in 2026. The remaining net proceeds will be used for purchasing more Bitcoins and general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets as well as repayment of additional debts and other outstanding liabilities.