MARA Holdings has upsized its convertible notes offering to $850 million from the initial $700 million due to strong investor demand. The company aims to use the estimated net proceeds of approximately $833 million primarily to acquire more bitcoin, pay off existing debt, and support general corporate activities. Part of the proceeds, around $199 million, is allocated to repurchase existing convertible notes due in 2026. The notes will mature on March 1, 2030, and will not carry regular interest. Investors can convert the notes into cash, MARA's common stock, or a combination at the company's discretion. The initial conversion price is set at $25.91, reflecting a 42.5% premium over MARA's current stock price of $18.18. Following the announcement, MARA's shares saw a nearly 2% increase in pre-market trading, recovering slightly after a 14% decline earlier in the week. MARA currently holds 27,562 BTC, reinforcing its position as one of the largest publicly traded bitcoin holding companies as it moves to expand its digital asset portfolio.

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