Bitcoin miner MARA Holdings has completed an $850 million debt offering through a private issuance of zero-coupon convertible senior notes due in 2031.
In a Dec. 4 announcement, the company revealed it had secured approximately $835.1 million in net proceeds after deducting initial purchasers’ discounts and commissions. The offering consisted of $850 million in zero-coupon convertible senior notes, with an additional $150 million option granted to initial purchasers. These notes do not carry regular interest or principal accretion and can be converted into cash, MARA common stock, or a combination of both at the company’s discretion.
The initial conversion rate is set at 28.9159 shares per $1,000 principal, which corresponds to a conversion price of $34.58 per share—representing a 40% premium over recent trading prices. The notes also include optional redemption rights starting June 5, 2029, and repurchase options for holders in 2027 and 2029, subject to certain conditions.
MARA plans to use $48 million of the proceeds to repurchase $51 million of its 2026 convertible notes, with the remaining funds earmarked for Bitcoin acquisitions and general corporate purposes.
As of its latest filing on Dec. 2, MARA holds a total of 34,959 BTC, valued at $3.59 billion based on current market prices. Formerly known as Marathon Digital, MARA Holdings is the largest publicly traded crypto mining company by market capitalization and the second-largest corporate holder of Bitcoin, behind only MicroStrategy.
The company’s stock saw a 3.3% increase on the day, closing at $25.96—a five-month high—following the completion of the debt offering.
In a separate development, on Dec. 3, MARA disclosed that it is in talks to acquire a wind farm in Hansford County, Texas. The farm has 240 megawatts of interconnection capacity and 114 megawatts of operational wind generation, which MARA plans to use to power its sustainable Bitcoin mining data center. The acquisition would help establish a vertically integrated operation with zero-marginal energy costs.
MARA has also been advocating for the creation of a strategic Bitcoin reserve in the United States. The company issued an open letter urging regulators to take proactive steps to ensure the country remains at the forefront of the global financial system as it continues to evolve.
