Bitcoin Mining Company Mara Holdings (Mara) has completed an offer of $ 950 million of 0.00% convertible seniorotates due to 2032, with most of the revenue earmarked to buy additional Bitcoin.
The offer, which could expand to $ 1.15 billion if the insurance companies are fully exercising, Mara announced on Monday.
Net proceeds of approximately $ 940.5 million will also be spent to deduct $ 19.4 million in existing 1.00% notes due to 2026, funding of call transactions to mitigate dilution risk and support general business initiatives. The uncovered calls were priced with a strike for $ 24.14 per day. Share, representing a 40% premium at Mara’s reference price of $ 17.24.
Mara has long advanced a Bitcoin-focused Treasury strategy and chosen to accumulate rather than sell her extracted Bitcoin. The company has about 50,000 BTC, valued at almost $ 6 billion, and ranks it as the second largest Bitcoin holder among public companies, according to data traced by Bitcoin Treasuries.
Mara shares closed at $ 17.16 Monday, fell 0.52% a day. Mining is expected to report its earnings on August 7th.
Read more: Mara Holdings is planning $ 850 MIO
