MARA Holdings Expands Convertible Note Offering to $850M Amid Strategic Bitcoin Accumulation Efforts

MARA Holdings (NASDAQ: MARA), the second-largest publicly traded holder of bitcoin, has upsized its convertible note offering from $700 million to $850 million, positioning itself to further expand its cryptocurrency holdings and address existing financial commitments.

The offering, available exclusively to qualified institutional buyers, includes an increased overallotment option of $150 million, up from $105 million. The notes, set to mature on March 1, 2030, will not accrue regular interest and can be converted into cash, shares of MARA common stock, or a mix of both, based on the company’s choice.

The initial conversion price is $25.91 per share, a 42.5% premium over MARA’s current stock price of $18.18. The offering is expected to close on November 20, generating estimated net proceeds of $833 million.

MARA plans to allocate $199 million of these proceeds to repurchase $212 million of its outstanding 2026 convertible notes, with the remaining funds directed toward increasing its bitcoin reserves, expanding assets, and supporting general corporate activities.

Holding 27,562 BTC, MARA remains a significant force in the corporate bitcoin space. This announcement follows a trend of bitcoin accumulation by major players like MicroStrategy (MSTR) and Semler Scientific.

After a 14% decline on Monday, MARA’s shares saw a 2% pre-market rebound, reflecting investor confidence in its strategic growth initiatives and its continued commitment to bitcoin as a cornerstone of its operations.