Mara Plans to Secure Up to $1 Billion Through Debt Sale for Bitcoin Buys and Business Operations

Mara Holdings, one of the largest publicly traded crypto mining firms, plans to raise $1billion through the issuance of zero-interest senior convertible notes to acquire more Bitcoin and support general corporate operations.

Mara Targets $1 Billion Debt Sale for Bitcoin Buys

The Mara Holdings reveals plans to secure $1billion through a proposed offering of convertible senior notes to strengthen its Bitcoin position, reduce existing debt, and support general corporate operations.

According to a filing made on Wednesday, the company plans to offer $1billion of the notes set to mature in 2032 to qualified institutional investors, starting with an initial $850 million with an option to increase the total by an additional $150 million.

In addition, Mara plans to use up to $50 million from the funds to buy back some of its 1.00% convertible notes due in 2026. The rest will go toward capped call deals, buying more Bitcoin, and covering general business costs.

The notes will be senior unsecured obligations of Mara Holdings and not bear interest. However, the offering remains subject to market and other conditions with no guarantee it will finalize on specific terms.

Mara Expands BTC Holdings with $2 Billion Stock Sale 

Mara Holdings recently completed a minority stake acquisition in Two Prime, an institutional investment adviser managing $1.75 billion in assets. The deal significantly increased the amount of Bitcoin managed on Mara’s behalf.

Despite growing mining difficulty and rising hashrate, Mara increased its BTC production by 35% in May. During that period, Mara Holdings reported annualized mining revenue exceeding $752 million, setting a new company record for its  Bitcoin mining operation.

According to data from Bitcoin Treasures, Mara Holdings reportedly holds 50,000 BTC, ranking it as the second-largest corporate Bitcoin holder behind Strategy, which leads with 607,000 BTC.

The announcement comes after a report released in late March that Mara plans to sell up to $2 billion worth of its stock to institutional investors on a rolling basis. The funds will support general operations, working capital, and continued Bitcoin acquisition.