 
 
MARA Holdings (formerly known as Marathon Digital), the biggest Bitcoin miner by market cap, said it plans to raise $850 million through a private sale of zero-coupon convertible senior notes due in 2032.
Proceeds will be used in part to buy more Bitcoin, a Wednesday filing with the U.S. Securities and Exchange Commission shows.
MARA Raising Funds To Boost BTC Treasury
The notes, due in 2032, will be offered to qualified institutional buyers. MARA gives initial purchasers a 13-day option to purchase an additional $150 million of notes.
The unsecured notes do not pay regular interest and can be redeemed by MARA after January 15, 2030, but investors will have an option to require the miner to repurchase the notes on January 4, 2030, if certain stock price conditions are not met.
The notes are convertible into cash, shares of MARA common stock, or a mix of both at buyers’ discretion, the Fort Lauderdale, Florida-based firm said.
 
MARA intends to use approximately $50 million of the proceeds to repurchase part of its existing 1% notes due in 2026, helping reduce its short-term liabilities. The rest of the funds will be used to scoop up more Bitcoin, support general operations, boost infrastructure, and finance strategic acquisitions, the company stated.
With 50,000 BTC (valued at around $5.89 billion at today’s prices) on its balance sheet, MARA is currently the second-biggest publicly traded Bitcoin holder behind Michael Saylor’s BTC treasury pioneer, Strategy, according to data from Bitcoin Treasuries.
Bitcoin miners receive new coins as a reward for verifying transactions on the top crypto’s network. Despite many miners often having to liquidate the newly minted crypto to cover operational costs, MARA has adopted a “full HODL strategy” — making it clear it never plans to sell even a single satoshi.
MARA and other public companies are leveraging targeted financing through capital markets to purchase Bitcoin, as they believe the premier cryptocurrency will appreciate in value over the long term and yield better returns for their shareholders.
Source: https://zycrypto.com/top-bitcoin-miner-mara-plans-850-million-convertible-debt-offering-to-load-up-on-more-btc/