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bitcoin

MARA Holdings Concludes $950 Million Raise To Increase Bitcoin Exposure – Details

Ash Tiwari
by Ash Tiwari
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) mining juggernaut MARA Holdings today announced the successful completion of a $950 million upsized offering of zero-interest convertible senior notes. A portion of the proceeds will go toward accumulating additional BTC, with the remainder allocated to general corporate purposes.

MARA Holdings To Increase Bitcoin Exposure

In an announcement today, Florida-based Bitcoin mining firm MARA Holdings stated that it had raised $950 million. It is worth noting that the deal was upsized from an initial target of $850 million, reported last week.

Related Reading: It’s Not ‘Just Hype’ — Bitcoin Has Real Value, Says British Politician

Notably, the firm has granted initial purchasers a 13-day option to acquire an additional $200 million in convertible senior notes. After accounting for initial purchasers’ discounts and commissions, MARA received net proceeds to the tune of $940 million.

Of the $940 million received, around $18.3 million was used to repurchase $19.4 million in existing convertible notes due 2026. Similarly, roughly $36.9 million was deployed toward capped call hedges to mitigate potential dilution from future share conversions.

The remaining funds will be used toward buying more BTC and for other general purposes, such as strategic acquisitions, working capital, expansion of existing assets, and repayment of additional debt.

To explain, zero-interest convertible senior notes are debt securities that pay no interest but can be converted into company shares later. They’re considered “senior” because they have priority in repayment over other debts in the event of liquidation.

According to CoinGecko, MARA currently holds 50,000 BTC, valued at approximately $5.9 billion at current market prices. This represents about 0.24% of Bitcoin’s total circulating supply, placing it ahead of Twenty One Capital, which holds 37,230 BTC.

Today’s $950 million raise is expected to widen MARA’s lead over Twenty One Capital. However, the firm still trails Michael Saylor’s Strategy, which dominates with 607,770 BTC on its balance sheet.

MARA Holdings’ shares recorded slight pullback following the announcement, as they traded at $17 – down 1.42% on the day. Notably, the Nasdaq-listed firm’s stock has declined 6.85% over the past six months.

BTC
Source: Yahoo! Finance

BTC Frenzy Among Corporates

That MARA Holdings had to upsize its $850 million offering shows the strong institutional interest in the world’s largest cryptocurrency by market cap. It underscores the recent trend of companies allocating significant sums toward increasing their BTC holdings.

Related Reading: Canadian Bitcoin Ecosystem Seeks To Hold 1% Of BTC Supply By 2027

Earlier this month – between July 14 and 19 – 21 companies added $810 million worth of BTC to their balance sheets. Some of the firms that bought BTC were Strategy, Metaplanet, Semler Scientific, and Sequans, among others.

Bitcoin’s recent bullish momentum also helped it overtake e-commerce giant Amazon in terms of total market cap. At press time, BTC trades at $118,058, down 0.6% in the past 24 hours.

bitcoin
Bitcoin trades at $118,058 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, charts Yahoo! Finance from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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