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<div class="intro-text">
 Bitcoin mining firm MARA Holdings has successfully<a style="color: #0000ff;" href="https://www.globenewswire.com/news-release/2024/12/04/2991962/0/en/MARA-Holdings-Inc-Completes-850-Million-Offering-of-Zero-Coupon-Convertible-Senior-Notes-due-2031.html" rel="noopener noreferrer nofollow"> raised</a> $850 million through a private issuance of zero-coupon convertible senior notes set to mature in 2031.
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MARA Holdings has completed an $850 million offering of zero-coupon convertible senior notes due in 2031, with an additional $150 million option for initial purchasers. The notes do not pay regular interest or principal growth and can be converted into cash, MARA common stock, or a combination. The initial conversion rate is 28.9159 shares per $1,000 principal, with a conversion price of $34.58 per share, reflecting a 40% premium over recent trading prices. Optional redemption rights start on June 5, 2029, and holders can opt for repurchase in 2027 and 2029 under specific conditions.
MARA intends to allocate $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remaining funds directed toward Bitcoin acquisitions and general corporate purposes.
According to a Dec. 2 filing, MARA Holdings<a style="color: #0000ff;" href="https://ir.mara.com/news-events/press-releases/detail/1381/mara-announces-bitcoin-production-and-mining-operation-updates-fornovember-2024#:~:text=Overall%2C%20we%20now%20hold%20a,price%20of%20%2495%2C000%20per%20BTC.&amp;text=%E2%80%9CAs%20a%20miner%20who%20mines,acquire%20bitcoin%20at%20attractive%20prices." rel="noopener noreferrer nofollow"> currently</a> holds 34,959 BTC, valued at $3.59 billion at current prices. Formerly known as Marathon Digital, the company is the largest publicly traded crypto miner by market capitalization.
This follows MARA Holdings’ recent <a style="color: #0000ff;" href="https://ir.mara.com/news-events/press-releases/detail/1383/mara-acquires-wind-farm" rel="noopener noreferrer nofollow">disclosure</a> of ongoing negotiations to acquire a wind farm in Hansford County, Texas, which has a capacity of 240 megawatts and currently produces 114 megawatts of wind energy. The acquisition aims to support MARA’s sustainable Bitcoin mining data centre and create a vertically integrated operation with zero marginal energy costs.
Additionally, MARA Holdings has <a style="color: #0000ff;" href="https://defi-planet.com/2024/11/mara-holdings-calls-for-urgent-u-s-action-on-bitcoin-amid-national-security-concerns/" rel="noopener noreferrer nofollow">urged</a> the U.S. to enhance its position in Bitcoin and mining, emphasizing the importance of Bitcoin for economic and national security amid global de-dollarization. They compared Bitcoin’s role to that of gold in U.S. dominance. The U.S. currently holds over 200,000 BTC, surpassing China’s 190,000 BTC, while also maintaining a significant lead in gold reserves with 8,133 metric tonnes compared to China’s 2,264 tonnes.
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MARA Holdings Secures $850M in Funding via Zero-Coupon Convertible Notes

DeFi Planet

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