30s Summary

MARA Holdings plans to privately offer $700 million in convertible senior notes due by 2030 complete with a buyer option for an additional $105 million. Approximately $200 million will be used to repurchase existing 2026 notes, with the remainder allocated for Bitcoin accumulation and other business purposes. The option to convert into cash or shares is up to MARA, with finalized terms pending. The announcement prompted a 5% drop in share prices. MARA emulates Tokyo-listed Metaplanet and MicroStrategy’s similar recent announcements.

Full Article

MARA Holdings has revealed it’s planning to privately offer $700 million in convertible senior notes due by 2030. What’s more is that they’re including an option where buyers can grab an extra $105 million in notes. In terms of how the company will use the money, it plans to use roughly $200 million to buy back some of its 2026 convertible notes. The rest of the funds will go towards accumulating bitcoin and other general needs, like expansion, strategic acquisitions and repaying debts. These notes, which are due by 2030, can be converted into either cash or shares – it’s really up to MARA. Interest will be paid twice a year, but the final terms and conditions of the notes are yet to be finalized. Unfortunately, the market didn’t take well to this announcement, with share prices falling 5% to $19.97 in pre-market trading. It seems like MARA is following in the footsteps of companies like Tokyo-listed Metaplanet and MicroStrategy, who have made similar announcements recently.