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MARA Holdings Completes $850 Million Debt Offering to Boost Bitcoin Mining Operations
MARA Holdings, a leading Bitcoin miner, has successfully completed an $850 million debt offering through a private issuance of zero-coupon convertible senior notes due 2031. The move is expected to bolster the company’s Bitcoin mining operations and further solidify its position in the market.
Key Details of the Debt Offering
The debt offering involved $850 million of zero-coupon convertible senior notes due 2031, with an additional $150 million option granted to initial purchasers. The notes feature no regular interest or principal accretion and are convertible into cash, MARA common stock, or a combination of both at the company’s discretion. The initial conversion rate is set at 28.9159 shares per $1,000 principal, equivalent to a conversion price of $34.58 per share, a 40% premium over recent trading prices.
The notes include optional redemption rights beginning June 5, 2029, and repurchase options for holders in 2027 and 2029, subject to specific conditions. MARA plans to use $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remainder allocated for Bitcoin acquisitions and general corporate purposes.
Bitcoin Holdings and Mining Operations
As of December 2, MARA Holdings currently holds a total of 34,959 BTC valued at $3.59 billion based on current prices. The company remains the largest publicly traded crypto mining company by market capitalization and the second-largest corporate Bitcoin holder, trailing only MicroStrategy.
Strategic Moves and Advocacy
MARA Holdings has been making strategic moves to enhance its Bitcoin mining operations. On December 3, the company disclosed that it was in talks to acquire a wind farm in Hansford County, Texas, with 240 megawatts of interconnection capacity and 114 megawatts of operational wind generation. This move aims to power its sustainable Bitcoin mining data center and establish a vertically integrated operation with zero-marginal energy costs.
In addition, MARA has advocated for the creation of a strategic Bitcoin reserve in the United States and issued an open letter urging regulators to take proactive steps to maintain the country’s leadership in the evolving global financial system.
Stock Performance and Outlook
The company’s stock rose 3.3% on the day, closing at $25.96—a five-month high—following the completion of its latest debt offering. This move is seen as a positive development for MARA Holdings, as it continues to expand its Bitcoin mining operations and solidify its position in the market.
As MARA Holdings continues to grow and expand its Bitcoin mining operations, it’s essential to stay informed about the latest developments in the crypto market. For more news and updates, visit Global Crypto News.
