MARA Holdings Inc., the largest bitcoin miner by assets, plans to sell $850 million in zero-coupon convertible bonds due 2032. Part of the proceeds will be used to buy bitcoin.
The company will also give buyers the option to purchase an additional $150 million in bonds, bringing the total to $1 billion, according to the announcement.
Up to $50 million of the proceeds are expected to be used to repurchase a portion of the existing 1% bonds maturing in 2026. The remainder will be used to cover the costs of the capped call option transactions, purchase additional bitcoin, and fund general corporate purposes.
According to reports from early June, the company increased BTC mining by 35% in May, despite the growth of mining difficulty and hashrate. Mara Holding’s annual revenue from mining exceeded $752 million.
According to Bitcoin Treasures, Mara Holdings currently holds 50,000 BTC in its corporate treasury, making it the second-largest corporate Bitcoin holder, behind Strategy, which holds 607,000 BTC.