Mara Holdings to Offer $1 Billion in Convertible Notes, Eyes Bitcoin Purchases
Main Idea
Mara Holdings, a major crypto mining firm, is raising $850 million in notes, with part of the proceeds allocated for Bitcoin acquisitions and debt repayment, while maintaining strong operational performance and significant Bitcoin holdings.
Key Points
1. Mara Holdings is raising $850 million in notes, with up to $50 million designated for repurchasing its 1.00% convertible senior notes due in 2026.
2. Proceeds will also be used for corporate purposes, including Bitcoin acquisitions and working capital.
3. The company reported a 35% increase in BTC production in May despite rising mining difficulty.
4. Mara's annualized mining revenue exceeded $752 million in late May, a record for the firm.
5. Mara holds approximately 50,000 BTC, making it the second-largest corporate Bitcoin holder.
Description
Mara Holdings, one of the world’s largest publicly traded crypto mining firms, is preparing to raise up to $1 billion through a convertible senior notes offering, with a portion of the proceeds earmarked for Bitcoin acquisitions. In a statement released Wednesday, the company said $850 million in notes will be offered to institutional investors, with an option to raise an additional $150 million. The notes are due in 2032 and will be senior unsecured obligations. They will not bear interest and ...
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