MARA Holdings Inc., a major player in the Bitcoin mining and investment space, has successfully closed a $950 million offering of zero-interest convertible senior notes due in 2032. Originally planned as an $850 million deal, the offering was upsized due to overwhelming demand from institutional investors. Purchasers also received a 13-day option to buy up to an additional $200 million in notes, highlighting strong market confidence in MARA’s long-term growth potential.
Net Proceeds Fuel Strategic Expansion
MARA secured approximately $940 million in net proceeds after deducting discounts and commissions for the initial purchasers. Of this, more than $18 million was used to repurchase $19 million of existing 2026 convertible notes, helping MARA manage its debt maturity profile effectively. An additional $37 million was invested in capped call transactions, which are designed to minimize potential dilution of MARA’s stock in the event of conversion.
The remaining capital is earmarked for core business operations and Bitcoin acquisition, reinforcing MARA’s aggressive growth strategy. Funds will also support working capital needs, strategic acquisitions, asset expansion, and potential future debt repayment—giving MARA flexibility in a volatile market.
Strengthening Position as a Leading Bitcoin Holder
With nearly 50,000 Bitcoin on its balance sheet, valued at approximately $6 billion, MARA already ranks as the second-largest corporate holder of Bitcoin worldwide. This new influx of capital not only strengthens its financial position but also underscores growing institutional belief in the long-term value of Bitcoin.
The successful offering demonstrates that MARA is doubling down on its belief in digital assets, while simultaneously using sophisticated financial instruments to protect shareholder value. The move further cements the company’s role as a major force in the crypto space and a bellwether for institutional crypto adoption.
