On December 2, the Bit mining company MARA Holdings, Inc. announced plans to privately place convertible bonds maturing in 2031, with a total value of up to $700 million and a 0.00% interest rate. This program is only available to qualified institutional investors, subject to market conditions and other factors.
In addition, MARA also intends to grant options to initial investors to purchase an additional $105 million in bonds within 13 days of the initial issuance. However, this issuance plan is still subject to market conditions and related factors, and there is no guarantee of the timing or completion of the transaction.
It is expected that MARA will use about $50 million of the proceeds to repurchase a portion of its existing convertible bonds, maturing in 2026, through private negotiated transactions. The remaining funds will be used to purchase additional Bit and for general corporate purposes, including working Capital, expanding existing assets, strategic acquisitions, and repaying other debts.
MARA, formerly known as Marathon Digital Holdings, continues to impress by increasing its Bit accumulation in the past month. Just a week after the October bond offering, the company used $615 million to purchase 6,474 BTC, bringing its total Bit holdings to 34,794 BTC as of November 27, 2024. With assets worth around $3.3 billion, MARA is currently the second-largest publicly traded company in terms of Bit ownership.
