The shares of the Mining company Bitcoin (CRYPTO:BTC) MARA Holdings Inc (NASDAQ:MARA) traded higher on Tuesday, recovering from a sharp drop on Monday sparked by a $700 million offering.
what happened
MARA Holdings shares sold off on Monday, outpacing declines among peers after the company announced a proposed private offering of $700 million in convertible senior notes.
Late Tuesday, MARA Holdings expanded the oversubscribed offering to $850 million of 0.00% convertible senior notes due 2030. The notes will be sold in a private offering to qualified institutional buyers.
MARA Holdings also granted the initial purchasers a 13-day option to purchase up to an additional $150 million of the notes. The closing of the offer is scheduled for November 20.
MARA said it plans to use approximately $199 million of the net proceeds from the sale of the notes to repurchase $212 million in aggregate principal amount of its existing convertible notes due 2026. The company plans to use the remainder of the proceeds to acquire additional Bitcoin.
You can also read: Darknet Cryptocurrency Mixer Operator Convicted of Laundering $300M in Bitcoin
Earlier this year, MARA Holdings adopted a “full HODL” approach to its Bitcoin treasury policy, holding onto all the Bitcoin it mines and periodically making strategic purchases on the open market. As of September 30, the company had a total of 26,747 Bitcoin.
“Our goal of reaching 50 exahash this year is within sight and we hope to achieve it by mid to late December,” the company stated in a letter to shareholders last week.
«We believe that we are on a trajectory of strong growth, with no plans to slow it down. “We anticipate continued expansion in the US and international markets and have set ambitious goals to expand our portfolio of owned and operated centers.”
MARA share price
MARA Holdings shares were up 4.36% at $18.88 at press time on Tuesday, according to Benzinga Pro.
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