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MARA Holdings, a Bitcoin 
$106,558 mining company, announced that it has raised approximately $1 billion from convertible bond sales. The company indicated that a portion of the funds will be used to acquire more BTC, though it did not disclose the exact amount.
Funding Details
MARA Holdings is reported to have netted $980 million from its convertible bond sale. This figure reflects the amount before accounting for estimated issuance costs, following discounts and commissions for initial buyers.
The company revealed plans to use part of the net proceeds for additional BTC purchases. Currently, MARA Holdings holds about 27,000 BTC, making it the second-largest Bitcoin reserve among publicly traded companies.
Competition and Market Position
This move by MARA Holdings illustrates its competitive stance against MicroStrategy. MicroStrategy has recently taken steps to increase its BTC holdings by raising its private placement to $2.6 billion.
MARA Holdings has also disclosed plans to raise an additional $700 million through convertible bonds maturing in 2030. This financial strategy aims to strengthen its presence in the Bitcoin market and solidify its market position.
The funds raised by MARA Holdings are intended to expand its Bitcoin portfolio and enhance mining operations.
