The Bitcoin (BTC) mining company MARA just completed an upsized offering of convertible senior notes on Friday, July 25th.
In a statement, the firm says it sold notes worth $950 million in principal amount, generating net proceeds of approximately $940.5 million.
The 0% notes were sold to institutional buyers in a private offering and will be due in 2032.
Mara says it used $18.3 million of the proceeds to repurchase approximately $19.4 million in aggregate principal amount of its 1% convertible senior notes due 2026. It also allocated about $36.9 million to cover the cost of capped call transactions with the initial purchasers of the notes and other financial institutions.
Mara says it will use some of the newly raised capital to purchase more Bitcoin as the Florida-based company builds a strategic crypto reserve to strengthen its financial position.
“MARA expects to use the remainder of the net proceeds to acquire additional Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.”
According to the Bitcoin holdings tracker BitcoinTreasuries.net, Mara is currently the second-leading public Bitcoin treasury company with 50,000 BTC worth $5.92 billion. American software company Strategy is still the biggest with 628,791 BTC worth $74.45 billion.
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