Key Points

• MARA will use most of the net proceeds from the offerings to buy more Bitcoin.
• Last month, MARA bought over $617 million in BTC.

MARA Holdings, a publicly traded Bitcoin mining company, announced plans to buy more Bitcoin.

Today, the company shared a post via X, announcing a proposed private offering of 0% convertible notes of over $700 million and $105 million in options. According to the announcement, the proceeds will be used mainly to buy more BTC and repurchase existing 2026 convertible notes up to $50 million.

MARA Holdings to Buy More Bitcoin

In its official announcement, MARA Holdings, a global leader in leveraging digital asset compute to support energy transformation, announced that it intends to offer $700 million aggregate principal amount of 0% convertible notes due 2031.

The offering will reportedly be made to people reasonably believed to be qualified institutional buyers. MARA also wrote that it expects to grant the initial purchases of the notes an option to purchase up to an additional $105 million aggregate principal amount of the notes.

Official reports reveal that the notes will be unsecured, senior obligations of MARA. These are not expected to bear interest, apart from the special interest in limited circumstances, and the principal amount of the notes is not expected to accrete.

Special interest will be payable semi-annually on June 1, 2031, and December 1 of each year, beginning June 1, 2025.

Also, the notes will mature on June 1, 2031, unless they are earlier repurchased, redeemed, or converted according to the company’s terms.

MARA’s announcement comes after the company recently revealed buying over $617 million in Bitcoin in November. Now, MARA holds 34,794 BTC valued at over $3.3 billion, based on a spot BTC price of $95,000.

At the moment of writing this article, BTC is trading above $95,000, down by 2% today, seeing a drop in price from over $98,000 earlier today.

The crypto market remains optimistic regarding Bitcoin’s path to $100,000, especially due to the upcoming changes set to take place in Washington and the future Strategic Bitcoin Reserve in the country and beyond.