- MARA Holdings raised $950 million through a private note offering to support Bitcoin purchases and strategic growth plans.
- The company may secure an additional $200 million if purchasers exercise their option within the set 13-day window.
- With 50,000 BTC, MARA continues to expand its Bitcoin reserves, maintaining the second-largest public BTC treasury.
MARA Holdings has finalized a $950 million capital raise through an upsized private offering of 0.00% convertible senior notes maturing in 2032. The offering closed on July 25 and exceeded the initially planned $850 million target. This marks a strategic move by one of the largest public Bitcoin miners to strengthen its position in the market.
The company confirmed that initial purchasers were granted the right to buy up to an additional $200 million worth of notes. This option is valid for 13 days from the issuance date. If exercised in full, MARA could access up to $1.15 billion in total funding.
Allocation of Funds Includes Debt Repurchase
From the $950 million raised, $18.3 million was used to repurchase a portion of MARA’s 1.00% convertible senior notes due in 2026. An additional $36.9 million went towards capped call transactions, which help manage potential dilution upon conversion of the new notes.
The rest of the proceeds are to be used in the further purchase of Bitcoin and other corporate needs. This coincides with the official announcement by MARA to increase its Bitcoin treasury, which boasts almost 50,000 BTC at the moment. This makes it the second-largest bitcoin holding of the publicly listed corporations, coming second after MicroStrategy, which has more than 607,000 of bitcoins.
Market Performance and Stock Reaction
The stock price of MARA rose more than 3% after the announcement and was trading at about $17.81 as compared to last week, which stood at $17.25. Although the stock has fallen by 10% in the last five days, it has also increased by more than 13% in the last month. So far, in this year, the stock has experienced a minimal decline of 1%.
The capital raise reflects MARA’s commitment to long-term Bitcoin exposure. The timing follows Bitcoin’s price surge to several new highs this year. The new funding will enable MARA to pursue its expansion strategy while reinforcing its balance sheet.
