The second-biggest publicly traded bitcoin holding company is looking to increase its token stash and pay off existing debt.
MARA Holdings, a publicly traded bitcoin holding company, is increasing its convertible note offering by $150 million due to high investor demand.
The company initially announced plans to raise $700 million through the offering, but has now increased the target to $850 million. Additionally, the option for initial purchasers to acquire extra notes has been raised to $150 million from $105 million.
The notes will mature on March 1, 2030, and will not bear regular interest. They can be converted into cash, shares of MARA's common stock, or a combination of both at MARA's discretion.
The initial conversion price is approximately $25.91, which is a 42.5% premium over MARA's current stock price, which is currently $18.18.
The proceeds from the offering are expected to be around $833 million, with $199 million being used to repurchase the $212 million of MARA's existing convertible notes for 2026. The rest will be allocated for bitcoin (BTC) acquisition, asset expansion, and general corporate purposes.
MARA is the second largest publicly traded holder of bitcoin, with 27,562 BTC in its treasury. This announcement comes after several other bitcoin-holding companies, notably MicroStrategy (MSTR) and Semler Scientific (SMLR), made new bitcoin purchases.
MARA's shares are up nearly 2% in pre-market trading after falling nearly 14% on Monday.
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