MARA plans to issue zero-interest convertible preferred notes to raise 700 million USD for the purchase of BTC

According to market news, Nasdaq-listed Bitcoin mining company MARA announced plans to issue zero-interest convertible preferred notes to raise $700 million. The proceeds will mainly be used for purchasing Bitcoin and repurchasing existing convertible notes due in 2026. In addition, MARA expects to use up to $50 million of the net proceeds from the sale of the notes for privately negotiated transactions to repurchase part of its existing convertible notes due in 2026. The remaining net proceeds will be used for buying more Bitcoins and general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets as well as repayment of additional debt and other outstanding debts.