Bitcoin miner MARA Holdings has completed an $850 million debt offering through a private issuance of zero-coupon convertible senior notes due 2031.
According to a Dec. 4 announcement, the firm has secured approximately $835.1 million in net proceeds after deducting initial purchasers’ discounts and commissions.
The offering involved $850 million of zero-coupon convertible senior notes due 2031, with an additional $150 million option granted to initial purchasers. The notes feature no regular interest or principal accretion and are convertible into cash, MARA common stock, or a combination of both at the company’s discretion.
The initial conversion rate is set at 28.9159 shares per $1,000 principal, equivalent to a conversion price of $34.58 per share, a 40% premium over recent trading prices. The notes include optional redemption rights beginning June 5, 2029, and repurchase options for holders in 2027 and 2029, subject to specific conditions.
MARA plans to use $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remainder allocated for Bitcoin acquisitions and general corporate purposes.
Per a Dec. 2 filing, the firm currently holds a total of 34,959 BTC valued at $3.59 billion based on current prices.
Formerly known as Marathon Digital, MARA Holdings remains the largest publicly traded crypto mining company by market capitalization and the second-largest corporate Bitcoin holder, trailing only MicroStrategy.
The company’s stock rose 3.3% on the day, closing at $25.96—a five-month high—following the completion of its latest debt offering.
On Dec. 3, the Bitcoin miner disclosed it was in talks to acquire a wind farm in Hansford County, Texas, with 240 megawatts of interconnection capacity and 114 megawatts of operational wind generation, aiming to power its sustainable Bitcoin mining data center and establish a vertically integrated operation with zero-marginal energy costs.
MARA has also advocated for the creation of a strategic Bitcoin reserve in the United States and issued an open letter urging regulators to take proactive steps to maintain the country’s leadership in the evolving global financial system.