MARA Holdings Upsizes Convertible Notes Offering by $150M in Response to High Investor Demand.

MARA Holdings Expands Convertible Note Offering to $850M to Bolster Bitcoin Holdings and Refinance Debt

MARA Holdings (NASDAQ: MARA), the second-largest publicly traded bitcoin custodian, has raised the size of its previously announced convertible note offering from $700 million to $850 million, as the company looks to strengthen its position in the cryptocurrency market and manage existing liabilities.

The offering includes an increased option for initial purchasers to acquire up to $150 million in additional notes, up from the prior $105 million. This private offering, open to qualified institutional buyers, is set to close on November 20.

The notes, which mature on March 1, 2030, will carry no regular interest payments and can be converted into cash, common stock, or a combination of both at MARA’s discretion. The initial conversion price of $25.91 per share reflects a 42.5% premium to the current stock price of $18.18.

MARA anticipates net proceeds of approximately $833 million. The company intends to use $199 million to repurchase $212 million of its existing convertible notes due in 2026. The remainder will support bitcoin acquisitions, operational growth, and other corporate purposes.

Currently holding 27,562 BTC, MARA has solidified its status as the second-largest corporate bitcoin holder. The move follows increased activity among major bitcoin-focused companies, such as MicroStrategy (MSTR) and Semler Scientific, which have recently expanded their BTC reserves.

MARA’s stock gained nearly 2% in pre-market trading after Monday’s nearly 14% decline, highlighting renewed investor interest in the company’s long-term strategy to grow its bitcoin portfolio while addressing debt obligations.