According to a statement released on December 2, MARA Holdings (MARA), the largest publicly traded Bitcoin mining company on Wall Street, has increased the scale of its convertible bond issuance from the previous $700 million to $850 million, with part of the net proceeds used for future Bitcoin acquisition plans.
These zero-interest bonds will mature in 2031 and can be converted into cash, common stock, or a combination of both at the company's option. The company expects to raise approximately $835 million in net proceeds from this issuance, and if additional bonds are fully subscribed, total proceeds could reach $982 million.
According to the statement, MARA plans to use $48 million of the proceeds to repurchase approximately $51 million principal of convertible bonds maturing in 2026. In addition, most of the net proceeds from this bond issuance will be used to acquire more Bitcoins, while the remaining funds will support various corporate strategic initiatives, such as strategic acquisitions.
The company had just raised $1 billion through another zero-interest convertible bond in November and allocated $160 million to buy Bitcoin at lower prices. So far, MARA holds a total of 34,794 Bitcoins, valued at approximately $3.2 billion, further solidifying its position as the second-largest corporate Bitcoin holder, second only to MicroStrategy.
Source
