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MARA Holdings announced the completion of a groundbreaking $1 billion zero-interest convertible senior notes offering, surpassing its initial $700 million target due to robust investor demand. The company successfully raised about $980 million in net proceeds, planning to invest significantly in Bitcoin as part of its strategic focus on cryptocurrency assets.
With the additional funds, MARA will repurchase $212 million of its existing convertible notes and allocate the remainder to acquire more Bitcoin, reinforcing its commitment to a “HODL” Bitcoin treasury policy. This strategic move positions MARA as one of the top publicly traded holders of Bitcoin, with a current reserve of approximately 27,562 BTC valued at around $2.6 billion.
Set to mature in 2030, the newly issued notes can be converted into cash, MARA common stock, or a combination thereof. This convertible mechanism is set at a 42.5% premium over the recent average stock price, underscoring MARA’s confidence in its stock’s future performance and its ongoing dedication to enhancing shareholder value through its Bitcoin-focused growth strategy.
