According to BlockBeats, on November 19, CoinDesk reported that the Bitcoin-listed mining company MARA Holdings (MARA) has increased the previously announced issuance of convertible preferred notes from $700 million to $850 million. The company also raised the amount of additional bonds that initial purchasers can buy 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 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.
This 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 remaining amount will be used for Bitcoin (BTC) acquisitions, asset expansion, and general corporate purposes.
