MARA proposes $700 million convertible senior note offering to buy more bitcoin
2024-12-02

Bitcoin miner MARA Holdings announced another proposed private offering of $700 million zero coupon convertible senior notes to repurchase existing notes and acquire more bitcoin.
Subject to market conditions and other factors, the notes, due 2031, will be offered to qualified institutional investors, with MARA expected to grant initial purchasers an option to acquire up to an additional $105 million aggregate principal amount of the notes, according to a press release.
The notes will be unsecured, senior obligations of MARA, and are not expected to bear interest. The notes will be converted into cash, MARA common stock, or a combination of both at MARA’s discretion.
The company expects to use up to $50 million of the net proceeds from the sale to repurchase a portion of its existing convertible notes due 2026, with the remainder used to acquire additional bitcoin and for general corporate purposes.
November bitcoin production and mining update
MARA announced a similar convertible note offering on Nov. 18, subsequently acquiring 6,474 BTC, worth about $615 million at current prices. Those 6,473 BTC are reflected in the firm’s bitcoin production and mining operation updates for November, also released on Monday.
In addition to the recently acquired bitcoin, MARA also mined 907 BTC ($86.2 million) in November — up 26% month-over-month and a 6.6% share of all bitcoin miner rewards. The firm has mined 8,563 BTC and acquired 12,965 BTC so far in 2024, taking its total bitcoin holdings to 34,959 BTC ($3.3 billion) — the largest of any public bitcoin miner, according to Bitcoin Treasuries.
"November was a record-breaking month for MARA, with our mining operations achieving unprecedented levels of production driven by the successful deployment of additional miners and enhanced operational efficiency," MARA chairman and CEO Fred Thiel said.
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