Odaily Planet Daily News Bitcoin mining company MARA Holdings (MARA) has increased its previously announced convertible preferred note issuance from $700 million to $850 million. The company has also raised the initial purchasers' option to buy additional bonds from $105 million to $150 million. This issuance is expected to close on November 20 and is a private placement for qualified institutional buyers. The notes will mature on March 1, 2030, will not accrue regular interest, and can be converted by MARA at its discretion into cash, MARA common stock, or a combination of both. The initial conversion price is approximately $25.91, which is a 42.5% premium over MARA's current stock price of $18.18. The funds raised are expected to be around $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. Previously reported, MARA planned to raise $700 million through the issuance of convertible preferred notes to acquire more Bitcoin. (Coindesk)

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