MARA, Holder of Nearly $6B BTC, Raises $950M to Buy More Bitcoin

11 hours ago

Bitcoin mining institution MARA Holdings (MARA) has completed a $950 cardinal offering of 0.00% convertible elder notes owed 2032, with the bulk of proceeds earmarked to acquisition further bitcoin.

The offering, which could grow to $1.15 cardinal if underwriters workout their enactment successful full, MARA announced connected Monday.

Net proceeds of astir $940.5 cardinal volition besides beryllium utilized to discontinue $19.4 cardinal successful existing 1.00% notes owed 2026, money capped telephone transactions to mitigate dilution risk, and enactment wide firm initiatives. The capped calls were priced with a onslaught astatine $24.14 per share, representing a 40% premium to MARA’s $17.24 notation price.

MARA has agelong championed a bitcoin-focused treasury strategy, opting to accumulate alternatively than merchantability its mined bitcoin. The institution holds astir 50,000 BTC, valued astatine astir $6 billion, ranking it arsenic the second-largest bitcoin holder among nationalist companies, according to information tracked by Bitcoin Treasuries.

MARA shares closed astatine $17.16 connected Monday, down 0.52% connected the day. The mining steadfast is expected to study its net connected Aug. 7.

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