Bitcoin mining firm MARA Holdings has announced plans to issue $850 million in 0% senior convertible notes with no coupons attached on Wednesday, as per a press release. The notes will be given in a private offering to people who qualify as institutional buyers.
Initial buyers of these notes will have the option to buy up to $150 million in additional notes if they wish to do so within a 13-day period. These notes are to be considered unsecured obligations offered by MARA and will mature on August 1, 2032.
MARA plans to use $50 million of proceeds raised from this offering to repurchase earlier senior convertible notes that are due 2026. The remaining funds are to be used to purchase Bitcoin and for working capital, acquisitions, repayment of earlier debt, and expansion of other assets.
Source: Google Finance
At the time of reporting, MARA Holdings was trading at $17.96 per share, down by 9.68%
MARA Holdings Q1 2025 performance showed revenues of $213.9 million, up by 30% from $165.2 million in Q1 2024. Despite the improvement, the company reported a loss of $541 million for the quarter as per the income statement on its official website.
The company has scheduled a conference call on July 29 to discuss its Q2 2025 financial performance.