ChainCatcher news, Bitcoin-listed mining company MARA announced its plan to privately issue $700 million of 0.00% convertible senior notes due 2031 to qualified institutional buyers. MARA also expects to grant the initial purchasers of the notes an option to purchase additional notes of up to $105 million in principal amount within 13 days from the initial issuance date of the notes.

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 2026 (the 'existing 2026 convertible notes') through privately negotiated transactions, with the remaining net proceeds used to purchase more Bitcoin and for general corporate purposes.