Deep Tide TechFlow news, on December 2, Bitcoin mining company MARA Holdings, Inc. announced that, based on market conditions and other factors, it intends to privately place $700 million of 0.00% convertible preferred notes (due 2031) to qualified institutional buyers. MARA also expects to grant the initial purchasers of the notes an option to purchase additional notes, with a total principal amount of up to $105 million, within 13 days from the date of the initial issuance of the notes. This issuance is subject to market and other conditions, and there is no guarantee that the issuance will be completed, nor when or under what conditions it may occur.
MARA expects to use up to $50 million of the net proceeds from the sale of the notes to repurchase a portion of its existing convertible notes due in 2026 through privately negotiated transactions, while the remaining net proceeds will be used to acquire more Bitcoin and for general corporate purposes, including working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other unpaid obligations.
