MARA Holdings announced a private offering of $700 million in convertible senior notes due 2030, with intentions to repurchase part of its outstanding 2026 convertible notes.
The bitcoin miner plans to utilize up to $200 million from the offering proceeds for repurchasing outstanding 2026 convertible notes. The remaining funds will help accumulate bitcoin and support expansion.
Despite the potential benefits of the offering, the market reacted negatively, with MARA's share prices dropping 5% to $19.97 shortly after the announcement.
The convertible notes can be converted into cash or shares at MARA's discretion, with interest being payable semi-annually, although specific final terms are still undetermined.
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