According to a statement released on December 2, Wall Street's largest publicly listed Bitcoin mining company MARA Holdings (MARA) has increased the scale of its convertible bond issuance from the previous $700 million to $850 million, with part of the net proceeds planned for future Bitcoin acquisition plans.
These zero-interest bonds will mature in 2031 and can be converted at the company's option into cash, common stock, or a combination of both. The company expects to raise approximately $835 million in net proceeds from this issuance, and if additional bonds are fully subscribed, total proceeds could reach $982 million.
According to the statement, MARA plans to use $48 million of it to repurchase approximately $51 million in principal of convertible bonds maturing in 2026. Additionally, most of the net proceeds from this bond issuance will be used to acquire more Bitcoin, while the remaining funds will be used to support various corporate strategic initiatives, such as strategic acquisitions.
The company had just raised $1 billion through another zero-interest convertible bond in November and allocated $160 million to buy Bitcoin on dips. So far, MARA holds a total of 34,794 Bitcoins, valued at approximately $3.2 billion, further solidifying its position as the second-largest corporate Bitcoin holder, second only to MicroStrategy.
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