Bitcoin mining company MARA increases the issuance scale of convertible preferred notes by $150 million to $850 million

According to ChainCatcher, as reported by Coindesk, Bitcoin-listed mining company MARA Holdings (MARA) has increased its previously announced convertible preferred note issuance from $700 million to $850 million.

The company also raised the amount of the initial purchaser's option to buy additional bonds from $105 million to $150 million. The offering is expected to close on November 20 and is a private placement for qualified institutional buyers. The fundraising is expected to be approximately $833 million, of which $199 million will be used to repurchase MARA's existing $212 million convertible notes due in 2026. The remainder will be used for Bitcoin (BTC) acquisitions, asset expansion, and general corporate purposes.

Previously reported yesterday, MARA plans to raise $700 million through the issuance of convertible preferred notes to purchase more Bitcoin.