MARA Holdings Upsizes Convertible Note Offering to $850M to Expand Bitcoin Holdings and Reduce Debt
MARA Holdings (NASDAQ: MARA), the second-largest publicly traded bitcoin holder, has expanded its convertible note offering from $700 million to $850 million, signaling a continued push to grow its bitcoin reserves and manage outstanding debt obligations.
The company has also increased the option for initial purchasers to acquire additional notes from $105 million to $150 million. The offering is slated to close on November 20 and is limited to qualified institutional buyers.
The notes, maturing on March 1, 2030, will not accrue regular interest and may be converted into cash, shares of MARA’s common stock, or a mix of both at the company’s discretion. The initial conversion price of $25.91 represents a 42.5% premium to MARA’s current share price of $18.18.
Net proceeds from the offering are expected to reach $833 million. MARA plans to use $199 million of these funds to repurchase $212 million of its existing 2026 convertible notes. The remaining funds will support bitcoin acquisitions, asset expansion, and general corporate initiatives.
Currently holding 27,562 BTC, MARA is the second-largest corporate bitcoin holder, trailing only MicroStrategy (MSTR). The announcement follows similar moves by other prominent bitcoin-holding companies, including MicroStrategy and Semler Scientific, which have recently increased their BTC holdings.
Following the announcement, MARA’s shares climbed nearly 2% in pre-market trading, recovering slightly from a 14% drop on Monday. The expanded offering reflects MARA’s ongoing commitment to its bitcoin-focused strategy while addressing financial obligations.
