MARA plans to issue $700 million in convertible senior notes, part of which will be used to purchase Bitcoin

ChainCatcher news, Bitcoin mining company MARA announced its plan to privately issue $700 million of 0.00% convertible senior notes (due 2031) to qualified institutional buyers. MARA also expects to grant the initial purchasers of the notes an option to purchase additional notes of up to $105 million in principal amount within 13 days from the date of the initial issuance of the notes.

MARA expects to use the net proceeds from the sale of the notes, which could be up to $50 million, to repurchase a portion of its existing convertible notes due 2026 ("existing 2026 convertible notes") through privately negotiated transactions, with the remaining net proceeds being used to purchase more Bitcoin and for general corporate purposes.