Mara to raise up to $1B for Bitcoin and operations via debt sale
Main Idea
Mara Holdings plans to raise up to $1 billion through a debt sale to repurchase debt, buy Bitcoin, and fund general corporate purposes, reinforcing its position as a major corporate Bitcoin holder.
Key Points
1. Mara Holdings announced a $1 billion zero-interest convertible notes offering, with $850 million for qualified institutional buyers and an option for an additional $150 million.
2. Proceeds will be used for debt repurchases, Bitcoin purchases, and general corporate purposes.
3. Mara Holdings recently completed a minority acquisition of Two Prime, an institutional investment adviser managing $1.75 billion in Bitcoin.
4. The company increased its Bitcoin production by 35% in May, with annualized mining revenue exceeding $752 million.
5. Mara Holdings holds 50,000 BTC, making it the second-largest corporate Bitcoin holder after MicroStrategy.
Description
Mara Holdings has announced plans to offer up to $1 billion in zero-interest convertible notes, with proceeds earmarked for repurchasing debt, buying Bitcoin and corporate expenses.
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