Top Bitcoin Miner MARA Plans $850 Million Convertible Debt Offering To Load Up On More BTC
Main Idea
MARA Holdings, the largest Bitcoin miner by market cap, plans to raise $850 million through convertible debt to boost its Bitcoin treasury and repurchase existing notes.
Key Points
1. MARA Holdings plans to raise $850 million via private sale of zero-coupon convertible senior notes due in 2032.
2. Proceeds will be used in part to buy more Bitcoin and repurchase $50 million of its existing 1% notes due in 2026.
3. The notes will be offered to qualified institutional buyers, with a 13-day option for initial purchasers.
4. MARA holds 50,000 BTC ($5.89 billion at current prices), making it the second-largest publicly traded Bitcoin holder.
5. Unlike many miners who liquidate newly minted crypto for operational costs, MARA follows a 'full HODL' strategy.
Description
MARA Holdings said it plans to raise $850 million through a private sale of zero-coupon convertible senior notes due in 2032.
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