Mara Holdings, one of the largest publicly traded cryptocurrency mining firms, announced plans to raise up to $1 billion through the sale of convertible senior notes, with part of the proceeds allocated for Bitcoin purchases and corporate growth.
In a statement released Wednesday, the company revealed it will issue $850 million in convertible senior notes due in 2032 to qualified institutional buyers. Investors will also be granted an option to purchase an additional $150 million in principal amount, bringing the total potential raise to $1 billion.
Mara stated that up to $50 million of the proceeds will be used to repurchase a portion of its outstanding 1.00% convertible notes maturing in 2026. The remaining capital will fund capped call transactions, Bitcoin acquisitions, and other corporate initiatives.
The proposed notes will be senior unsecured obligations and will not bear interest. The offering remains subject to market and other conditions, and Mara noted there is no certainty regarding the final terms or whether the offering will close.
This financing effort follows Mara’s strategic acquisition of a minority stake in Two Prime, an institutional investment adviser managing $1.75 billion in assets. The deal has significantly increased the volume of Bitcoin under Two Prime’s management on behalf of Mara.
Mara has seen strong recent performance, reporting a 35% increase in Bitcoin production in May despite higher mining difficulty and a rising network hashrate. Its annualized mining revenue hit a record $752 million, the highest in company history.
Currently, Mara holds 50,000 BTC, making it the second-largest corporate holder of Bitcoin after Strategy, which holds 607,000 BTC, according to Bitcoin Treasuries.
This announcement also builds on Mara’s March filing to potentially raise $2 billion through stock sales to fund additional Bitcoin acquisitions, mirroring a long-term strategy focused on expanding both mining operations and BTC reserves.
