MARA Holdings Increases Convertible Bond Size to $850 Million to Buy Bitcoin and Pay Off Debt

MARA Holdings, the second-largest Bitcoin holder on the exchange, has announced an increase in the size of its convertible bond offering from $700 million to $850 million, due to higher-than-expected demand. The company also raised its option to purchase additional bonds from $105 million to $150 million. The bonds are interest-free, mature on March 1, 2030, and can be converted into cash, MARA shares, or both.

The proceeds from the offering are estimated at $833 million. Of this, $199 million will be used to repurchase $212 million of existing convertible bonds, which mature in 2026. The remaining will be allocated to the purchase of additional $BTC , asset expansion, and general business purposes. MARA currently holds 27,562 BTC, making it one of the largest publicly traded companies with a large Bitcoin holding, second only to MicroStrategy.

Following the announcement, MARA shares rose nearly 2% in premarket trading, after falling 14% on Monday. The increase in the size of the bond issuance and the commitment to purchase more Bitcoin reflect MARA’s aggressive strategy to capitalize on the growth of the cryptocurrency market while strengthening its position in the industry.