MARA to Offer $700M Convertible Senior Note, Shares Fall 5%

• MARA holdings announce a private offering of $700 million in convertible senior notes due 2030.

• MARA intends to use up to $200 million of the proceeds to repurchase a portion of its outstanding 2026 convertible notes.

• The offering includes an option for purchasers to acquire an additional $105 million in notes.

MARA Holdings (MARA) announced a private offering of $700 million in convertible senior notes due 2030. The notes will be offered to qualified institutional buyers and will include an option for buyers to purchase an additional $105 million in notes.

The bitcoin miner plans to use up to $200 million of the proceeds to repurchase a part of its outstanding 2026 convertible notes.

The remainder of funds will be used to accumulate bitcoin (BTC) and other general needs, such as expansion, strategic acquisitions and debt repayments.

The notes, which mature in 2030, can be converted into cash or shares based on MARA’s discretion. The interest will be paid on a semi-annual basis, however the final terms of the notes are yet to be determined.

The market did not like the offering announcement with share prices falling 5% to $19.97 in pre-market trading.

MARA’s plans comes close to the heels of similar announcement by Tokyo-listed Metaplanet and MicroStrategy (MSTR).