MARA Holdings (MARA) has announced a private offering of $700 million in convertible senior notes, set to mature in 2030. The notes will be available to qualified institutional buyers, with an additional option for investors to purchase up to $105 million in additional notes.
The company intends to allocate up to $200 million of the proceeds to repurchase part of its outstanding 2026 convertible notes. The remainder of the funds will be directed towards acquiring more bitcoin (BTC), as well as for general purposes such as business expansion, strategic acquisitions, and debt repayments.
These notes, which mature in 2030, offer the flexibility to be converted into cash or shares at MARA’s discretion. Interest will be paid semi-annually, though the final terms of the notes are still to be finalized.
However, the announcement has had a negative impact on MARA’s stock, with shares falling 5% to $19.97 in pre-market trading.
MARA’s move comes shortly after similar announcements from Metaplanet, a Tokyo-listed company, and MicroStrategy (MSTR).
