Share this article
BTC
$82,802.70
-
0.06%ETH
$1,787.59
-
0.41%USDT
$0.9997
+
0.01%XRP
$2.1314
+
0.31%BNB
$592.81
-
0.12%SOL
$117.74
-
0.77%USDC
$1.0000
+
0.01%DOGE
$0.1675
+
0.02%ADA
$0.6496
-
1.17%TRX
$0.2384
-
0.64%LINK
$12.67
-
0.59%LEO
$8.9897
-
4.86%TON
$3.2364
-
5.02%XLM
$0.2528
-
2.10%AVAX
$17.90
-
0.56%SHIB
$0.0₄1216
-
0.49%SUI
$2.1935
-
1.67%HBAR
$0.1596
-
2.76%LTC
$82.54
-
2.31%OM
$6.1955
-
1.68%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
MARA Holdings Upsizes Convertible Notes Offering by $150M Amid Overwhelming Investor Demand
The second-biggest publicly traded bitcoin holding company is looking to increase its token stash and pay off existing debt.
- MARA has upsized its zero-coupon convertible notes, offering to $850 million from $700 million.
- MARA plans to buy more bitcoin with the estimated net proceeds of $833 million.
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).
MARA Holdings (MARA) has increased its previously announced convertible note offering from $700 million to $850 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It has also raised the option for initial purchasers to acquire extra notes to $150 million from $105 million. The offering is expected to close on Nov. 20, and is a private offering directed at qualified institutional buyers.
The notes maturing on March 1, 2030, will not bear regular interest and 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 are estimated 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, holding 27,562 BTC. This announcement comes after several other bitcoin holders companies, specifically MicroStrategy (MSTR) and Semler Scientific (SMLR), purchased more bitcoin.
MARA's shares are up nearly 2% in pre-market trading after falling nearly 14% on Monday.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
