MARA completes $850m debt offering, plans to buy more Bitcoin

Bitcoin miner MARA Holdings has completed an $850 million debt offering through a private issuance of zero-coupon convertible senior notes due 2031.

According to the Dec. 4 announcement, the firm generated net revenue of approximately $835.1 million after deducting discounts and commissions from initial buyers.

The offering included $850 million of zero-coupon convertible senior notes due 2031, with an additional $150 million option granted to initial purchasers. The bonds do not involve regular accumulation of interest or principal and may be converted into cash, MARA common stock, or a combination of both at the company’s discretion.

The initial conversion rate was set at 28.9159 shares per $1,000 principal; this is equivalent to a conversion price of $34.58 per share; This is a 40% premium to last trading prices. The notes include optional repurchase rights beginning June 5, 2029, and repurchase options for holders in 2027 and 2029, subject to certain conditions.

MARA plans to use $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remainder earmarked for Bitcoin purchases and general corporate purposes.

According to the application made on December 2, the company owns a total of 34,959 BTC, worth $ 3.59 billion at current prices.

MARA Holdings, formerly known as Marathon Digital, remains the largest publicly traded crypto mining company by market capitalization and the second-largest institutional holder of Bitcoin after MicroStrategy.

The company’s shares finished the day up 3.3% at $25.96 – a five-month high – following the completion of the latest debt offering.

The Bitcoin miner announced on December 3 that it was in talks to purchase a wind farm in Hansford County, Texas, with 240 megawatts of interconnection capacity and 114 megawatts of operational wind generation. This power plant aims to power sustainable Bitcoin mining data center and vertically integrated operation with zero marginal energy costs.

MARA also advocated for the creation of a strategic Bitcoin reserve in the United States and published an open letter urging regulators to take proactive steps to maintain the country’s leadership in the evolving global financial system.