TechFlow news, on December 2, Bitcoin mining company MARA Holdings, Inc. announced its intention to conduct a private placement of $700 million in 0.00% convertible senior notes due 2031 to qualified institutional buyers, subject to market conditions and other factors. MARA also expects to grant the initial purchasers of the notes an option exercisable within 13 days from the initial issuance date to purchase up to an additional $105 million aggregate principal amount of notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when, or on what terms the offering may be completed.
MARA intends to use up to $50 million of the net proceeds from the sale of the notes to repurchase, in privately negotiated transactions, a portion of its existing convertible notes due 2026. The remaining net proceeds will be used to acquire additional Bitcoin and for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets, repayment of additional debt, and other outstanding obligations.
