Shares of MARA Slide 5% After Announcement of $700M Convertible Senior Note

MARA Holdings (MARA) has announced a private offering of $700 million in convertible senior notes due in 2030. The offering is targeted at qualified institutional buyers, with an option for an additional $105 million in notes available for purchase.

A portion of the proceeds, up to $200 million, will be used to repurchase some of the company’s outstanding 2026 convertible notes. The remaining funds will be allocated to acquiring additional bitcoin (BTC), supporting expansion efforts, strategic acquisitions, and repaying existing debt.

The notes, which mature in 2030, are convertible into either cash or shares at the discretion of MARA. Interest will be paid semi-annually, though final terms are still under discussion.

Despite the strategic nature of the move, MARA’s share price dropped 5% in pre-market trading, falling to $19.97.

This move follows similar announcements from other companies, including MicroStrategy (MSTR) and Metaplanet, which have also raised funds for bitcoin acquisitions and strategic growth.

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