Bitcoin mining firm MARA Holdings has successfully raised $850 million through a private issuance of zero-coupon convertible senior notes set to mature in 2031.
MARA Holdings has completed an $850 million offering of zero-coupon convertible senior notes due in 2031, with an additional $150 million option for initial purchasers. The notes do not pay regular interest or principal growth and can be converted into cash, MARA common stock, or a combination. The initial conversion rate is 28.9159 shares per $1,000 principal, with a conversion price of $34.58 per share, reflecting a 40% premium over recent trading prices. Optional redemption rights start on June 5, 2029, and holders can opt for repurchase in 2027 and 2029 under specific conditions.
MARA intends to allocate $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remaining funds directed toward Bitcoin acquisitions and general corporate purposes.
According to a Dec. 2 filing, MARA Holdings currently holds 34,959 BTC, valued at $3.59 billion at current prices. Formerly known as Marathon Digital, the company is the largest publicly traded crypto miner by market capitalization.
This follows MARA Holdings’ recent disclosure of ongoing negotiations to acquire a wind farm in Hansford County, Texas, which has a capacity of 240 megawatts and currently produces 114 megawatts of wind energy. The acquisition aims to support MARA’s sustainable Bitcoin mining data centre and create a vertically integrated operation with zero marginal energy costs.
Additionally, MARA Holdings has urged the U.S. to enhance its position in Bitcoin and mining, emphasizing the importance of Bitcoin for economic and national security amid global de-dollarization. They compared Bitcoin’s role to that of gold in U.S. dominance. The U.S. currently holds over 200,000 BTC, surpassing China’s 190,000 BTC, while also maintaining a significant lead in gold reserves with 8,133 metric tonnes compared to China’s 2,264 tonnes.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
