TLDR:MARA to raise $850M through private convertible notes maturing in 2032.$50M allocated to repurchase outstanding 2026 convertible debt.Funds will support Bitcoin acquisitions and infrastructure growth.Capped call deals planned to manage dilution from note conversions.MARA Holdings is making a major move to raise fresh capital. The largest public Bitcoin miner just announced plans to offer $850 million in zero-coupon convertible senior notes. The private placement targets qualified institutional buyers under Rule 144A. Funds raised will help MARA scale operations, repay old debt, and buy more Bitcoin. This marks a pivotal step in MARA’s long-term capital and growth strategy.According to a company statement, MARA Holdings intends to issue $850 million in convertible notes, with an option for an extra $150 million. These notes won’t carry regular interest. Instead, they’re structured to mature in 2032 and can be converted into cash, stock, or a mix, depending on MARA’s decision.The offering is subject to market conditions. It won’t be open to retail buyers and won’t be registered with the SEC. MARA plans to use part of the funds to repurchase some of its 1.00% convertible notes maturing in 2026.MARA Holdings Debt Restructuring and Bitcoin Acquisition in FocusMARA will allocate up to $50 million of the proceeds to buy back part of its outstanding 2026 notes. The company noted that some holders might unwind their hedge positions, which could spark trading activity in MARA stock. This could temporarily boost the share price during the pricing phase of the new notes.Remaining funds will support capped call transactions and the purchase of more Bitcoin. The company also listed general corporate uses, including expanding infrastructure and strategic acquisitions.To manage potential dilution from note conversions, MARA plans to enter capped call agreements with financial counterparties. These deals will let MARA reduce share dilution if noteholders convert their positions.The option counterparties may also trade MARA stock during this period, affecting the share price. The company expects this activity around pricing and during any early redemption or conversion window.No SEC Registration, Just Institutional AccessThe new notes will only be offered through a private memorandum. MARA confirmed they won’t be registered in the U.S. or any foreign jurisdiction. The structure is tailored strictly for institutional buyers.This marks a strategic shift for MARA as it balances capital flexibility with minimal dilution. The firm aims to use these tools to boost its Bitcoin position and reshape its debt profile without drawing on public markets. The post MARA Holdings to Raise $850M via Convertible Notes for Bitcoin Buys and Debt Strategy appeared first on Blockonomi.