⚡ MARA Holdings Announces $700M BTC Acquisition Plan
posted 2 Dec 2024
Publicly traded mining giant MARA Holdings Inc. has unveiled a $700 million convertible senior note issuance, maturing in 2031. Funds will be directed toward expanding its Bitcoin portfolio.
The issuance of convertible bonds* will be conducted through a private placement available only to qualified institutional buyers under Rule 144A of the U.S. Securities Act of 1933. Buyers will also be offered a 13-day window to purchase up to $105 million in additional bonds following the initial release.
*Convertible bonds combine debt and equity characteristics, allowing holders to choose between receiving repayment in cash or converting the bonds into MARA shares.
From the proceeds, $50 million is set aside to repurchase a portion of MARA's 2026 convertible bonds. The remaining funds will go toward Bitcoin acquisitions, scaling operations, and fulfilling other obligations.
Marathon Digital Holdings has already raised $1 billion to bolster its Bitcoin reserves, as we reported earlier. Last week, Fred Thiel, the company’s CEO, addressed the U.S. government, advocating for the creation of a national crypto reserve and emphasizing the importance of supporting mining to bolster economic security.
Fred Thiel, CEO of MARA Holdings Inc. Source: X
Issuing convertible bonds remains a popular strategy for companies to raise additional funds. MARA Holdings, though, isn’t waiting for the Trump administration to greenlight potential strategic initiatives. Inspired by MicroStrategy and its visionary leader Michael Saylor, MARA is laying the groundwork for its untouchable crypto reserve today.
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