Bitcoin mining company MARA completes issuance of $850 million convertible preferred notes

According to Globenewswire, Bitcoin mining company MARA Holdings, Inc announced that the issuance of its 0.00% convertible preferred notes due in 2031 ended on December 4, 2024. The total principal amount of the notes sold in this issuance was $850 million. MARA also granted initial purchasers the option to purchase an additional $150 million total principal amount of notes within 13 days from the date of first issue.

After deducting discounts and commissions for initial purchasers but before subtracting estimated issuing costs payable by MARA, net proceeds from note sales were approximately $835.1 million. MARA expects to use about $48 million of these net proceeds to repurchase its existing convertible notes due in 2026 with a total principal amount of around $51 million through private negotiations; 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 debt and other outstanding debts.