MARA Holdings Upsizes Convertible Notes Offering to $850M, Eyes Bitcoin Expansion and Debt Repayment
MARA Holdings (NASDAQ: MARA), the second-largest publicly traded bitcoin holder, has boosted its planned convertible note offering from $700 million to $850 million, signaling a stronger push to increase its cryptocurrency holdings and streamline its balance sheet.
The offering, targeted at qualified institutional buyers, now includes an upsized allotment option of $150 million, up from the previously announced $105 million. The notes, set to mature on March 1, 2030, will not bear regular interest and offer conversion flexibility into cash, MARA common stock, or a combination of both, at the company’s discretion.
With an initial conversion price of $25.91 per share—representing a 42.5% premium over the current stock price of $18.18—the offering is expected to raise approximately $833 million in net proceeds.
MARA plans to allocate $199 million of the proceeds to repurchase $212 million of its outstanding 2026 convertible notes, with the remainder earmarked for bitcoin acquisition, asset growth, and general corporate purposes.
Currently holding 27,562 BTC, MARA has reinforced its position as a major bitcoin accumulator. This announcement comes on the heels of similar moves by industry peers such as MicroStrategy (MSTR) and Semler Scientific (SMLR), which have also bolstered their bitcoin reserves.
Despite a 14% drop in share price on Monday, MARA shares have gained nearly 2% in pre-market trading, reflecting investor optimism around the company’s strategic initiatives and its focus on leveraging bitcoin as a core asset.
