Odaily Planet Daily News According to official news, Bitcoin mining company MARA Holdings, Inc. announced that the total principal amount of its 0.00% convertible preferred notes maturing in 2031 has been increased to $850 million (initially announced as $700 million). MARA also granted the initial purchasers of the notes an option to purchase up to $150 million in total principal amount of the notes within 13 days from the date of the first issuance of the notes. This issuance is expected to conclude on December 4, 2024, but is subject to customary closing conditions. MARA estimates that the net proceeds from the sale of the notes will be approximately $835.1 million, after deducting the discounts and commissions for the initial purchasers but excluding the estimated issuance expenses payable by MARA (approximately $982.5 million if the initial purchasers fully exercise their option to purchase additional notes). MARA expects to use approximately $48 million of the net proceeds from the sale of the notes to repurchase approximately $51 million of its existing convertible notes maturing in 2026 through privately negotiated transactions, and the remaining net proceeds will be used to purchase more Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debts and other outstanding obligations.

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