NewsletterBreaking: $6 Billion Bitcoin Miner MARA Raises $950M to Buy BTC
Highlights
- MARA Holdings announced the completion of a $950 million offering.
- The company revealed plans to use some of the net proceeds to buy more Bitcoin.
- The Bitcoin miner currently boasts a treasury of 50,000 BTC.
The largest public Bitcoin Miner, MARA Holdings, has completed a $950 million capital raise through its latest private offering. The company also revealed plans to use some of the net proceeds to buy more BTC and expand its treasury.
MARA Holdings Completes $950 Million Raise
In a press release, the Bitcoin miner announced that it had closed its upsized offering of 0.00% convertible senior notes due 2032 on July 25, raising an aggregate principal amount of $950 million in the process.
This development comes just days after CoinGape reported that MARA Holdings planned to raise $850 million to buy more Bitcoin. However, based on the upsizing, the company was able to raise an additional $100 million.
Interestingly, the Bitcoin miner has also granted the initial purchasers an option to purchase up to an additional $200 million aggregate principal amount of the notes within a 13-day period that starts from the date the company first issued the notes. As such, the company could end up with up to $1 billion for more Bitcoin purchases.
However, this entire sum is unlikely to be used for buying Bitcoin, as MARA holdings revealed that it had used $18.3 million of the net proceeds ($940.5 million) to repurchase some of its 1.00% convertible senior notes due 2026. The company also used $36.9 million to pay the cost of the capped call transactions.
Meanwhile, the company expects to use the remaining net proceeds to acquire additional Bitcoin and for general corporate purposes. The Bitcoin miner boasts the second-largest public Bitcoin treasury with 50,000 BTC, only behind Michael Saylor’s Strategy, which holds 607,770 BTC.
MARA Stock Up 3%
TradingView data shows that the MARA Holdings stock is up over 3% amid this development. The stock is currently trading at around $17.81, up from its closing price of $17.25 last week.
The MARA stock is down 10% in the last five days but up just over 13% in the past month. Meanwhile, the stock is down just 1% year-to-date (YTD). The stock has suffered a mixed fortune despite the Bitcoin price rally to several new all-time highs (ATHs) this year.
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