ChainCatcher news, reported by Coindesk, Bitcoin-listed mining company MARA Holdings (MARA) has increased its previously announced convertible preferred stock issuance from $700 million to $850 million.
The company has also increased the option amount for initial purchasers to buy additional bonds from $105 million to $150 million. This issuance is expected to end on November 20 and is a private placement for qualified institutional buyers. The fundraising is expected to be approximately $833 million, of which $199 million will be used to repurchase MARA's existing $212 million convertible notes due in 2026. The remainder will be used for Bitcoin (BTC) acquisitions, asset expansion, and general corporate purposes.
According to news yesterday, MARA plans to raise $700 million through the issuance of convertible preferred stock to purchase more Bitcoin.
