Mining company MARA Holdings, formerly Marathon Digital, announced plans to offer $700 million of 0.00% convertible senior notes due 2030 to qualified institutional buyers.
The company may allow initial purchasers to purchase an additional $105 million in notes within 13 days of issuance.
$700 million convertible bond offering
MARA plans to use up to $50 million from the note sale to repurchase part of its convertible notes through 2026 through private agreements. The remainder of the funds will go toward acquiring more Bitcoin and for general purposes such as working capital, strategic acquisitions, asset expansion and debt repayment, according to the official. Press release.
The company expects the notes to be issued interest-free, except in rare cases where special interest may apply, and the principal amount is expected to remain unchanged. The notes, due in 2030, are convertible into cash, shares or a combination of both. This strategy helps MARA improve its balance sheet by replacing short-term obligations with long-term debt while continuing its investment in digital assets.
The move comes less than a week after MARA acquired 6,474 BTC of its $1 billion convertible note offering at 0% interest. In the same announcement, the company also revealed that it purchased $200 million in its 2026 notes and plans to use the remaining $160 million to purchase more Bitcoin at more favorable prices during market declines.
This strategy aligns with MicroStrategy’s focus on issuing corporate debt to increase BTC holdings, a growing trend among companies.
Bitcoin for financial sovereignty: MARA recommendations
MARA Holdings recently called on US policymakers to take the lead in Bitcoin mining, positioning the asset as crucial to national security and financial sovereignty. The mining company highlighted Bitcoin’s finite supply, decentralization and cross-border transferability, comparing it to gold as a store of value. MARA argued that controlling Bitcoin’s block space and hash rate would ensure access to secure transactions, preventing manipulation by “adverse” nations.
The firm recommended that the United States develop a national Bitcoin mining infrastructure, prioritize the adoption of renewable energy and reduce dependence on foreign ASIC chips. This strategic shift could strengthen the economy, boost energy networks and create high-tech jobs.
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