Mara Holdings to Offer $1 Billion in Convertible Notes, Eyes Bitcoin Purchases

Mara Holdings, one of the world’s largest publicly traded crypto mining firms, is preparing to raise up to $1 billion through a convertible senior notes offering, with a portion of the proceeds earmarked for Bitcoin acquisitions. In a statement released Wednesday, the company said $850 million in notes will be offered to institutional investors, with an option to raise an additional $150 million. The notes are due in 2032 and will be senior unsecured obligations. They will not bear interest and are subject to market conditions, meaning there is no certainty the offering will be completed or finalized as proposed. Use of Proceeds Includes Bitcoin and Debt Repayment Up to $50 million of the proceeds will go toward repurchasing Mara’s existing 1.00% convertible senior notes due in 2026. The remainder will support capped call transactions, new Bitcoin acquisitions, and general corporate needs. “We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” the company said in a regulatory filing. Bitcoin Strategy Remains Core Focus The announcement comes shortly after Mara completed a minority acquisition of Two Prime, an institutional asset adviser with $1.75 billion under management. This deal has increased the volume of Bitcoin Two Prime manages on Mara’s behalf. Despite rising mining difficulty, the company reported a 35% increase in BTC production in May, showing strong operational performance. Reports from late May indicated Mara’s annualized mining revenue exceeded $752 million, a record for the firm. Significant Bitcoin Holdings Boost Market Position According to Bitcoin Treasuries data, Mara currently holds around 50,000 BTC, making it the second-largest corporate Bitcoin holder after Strategy, which owns 607,000 BTC. This aggressive accumulation echoes a previous move in March when Mara announced plans to sell up to $2 billion in stock to acquire more Bitcoin. The firm revealed it had entered agreements with institutional investors to facilitate that stock offering “from time to time,” reinforcing its long-term commitment to Bitcoin.