Stock Track | MARA Holdings Plunges 5.07% in Pre-Market on $850 Million Convertible Notes Offering to Acquire More Bitcoin

Stock Track12-03

MARA Holdings (MARA), a leading bitcoin mining and digital asset company, saw its stock plunge 5.07% in pre-market trading on Tuesday, December 3rd, 2024. The decline followed the company's announcement of pricing an offering of $850 million aggregate principal amount of 0.00% convertible senior notes due 2031.

According to the announcement, MARA intends to use up to $50 million of the net proceeds from the notes offering to repurchase a portion of its existing convertible notes due in 2026. The remaining funds will be utilized primarily to acquire additional Bitcoin and for general corporate purposes, further expanding the company's cryptocurrency holdings.

This move highlights MARA's ongoing strategy to leverage digital asset computing to support the energy transformation and capitalize on the growing adoption of Bitcoin and other cryptocurrencies. The company has been actively investing in Bitcoin, with its Bitcoin production and mining operations hitting record levels in recent months.

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