Mara Holdings, one of the largest public crypto mining firms in the world, has announced plans to raise up to $1 billion through a debt sale.
The company said it will offer convertible senior notes due in 2032 to qualified institutional buyers. The offering includes $850 million in notes, with an additional $150 million option for buyers, which could bring the total to $1 billion. The notes will be unsecured and will not bear interest.
The company expects to use part of the proceeds to repurchase around $50 million of its existing 1.00% convertible senior notes that are due in 2026. The remaining funds will go toward capped call transactions, buying more Bitcoin, and general corporate needs. This move highlights Mara’s long-term strategy to strengthen its balance sheet and increase its Bitcoin holdings.
The company said the offering is subject to market and other conditions, meaning there is no guarantee the deal will close or what the final terms will be. The notes will be convertible into cash, shares of Mara common stock, or a mix of both.
This announcement comes shortly after Mara’s acquisition of a minority stake in Two Prime, an institutional investment firm that manages $1.75 billion in assets. This deal significantly boosts the amount of Bitcoin that Two Prime manages for Mara.
Mara also recently reported that its Bitcoin production rose by 35% in May, even as mining difficulty increased. In late May, the firm’s annualized mining revenue surpassed $752 million, setting a new record.
Right now, Mara holds about 50,000 Bitcoin in its corporate treasury, making it the second-largest corporate Bitcoin holder after Strategy, which owns 607,000 BTC.
Earlier this year, Mara also revealed a plan to sell up to $2 billion in company stock to buy more Bitcoin. The firm noted that the proceeds from that sale would also be used for general corporate purposes and working capital.
The firm continues to follow a strategy similar to Strategy’s, aggressively building a large Bitcoin position as part of its core business model.
