MARA Holdings Inc ( MARA ) shares are moving lower Wednesday after the company announced a proposed private offering.

What To Know: MARA Holdings ( MARA ) said it intends to offer $850 million of 0.00% convertible senior notes due 2032 in a private offering to institutional buyers. The company expects to grant the underwriters a 13-day window to purchase up to an additional $150 million of the notes.

MARA Holdings ( MARA ) expects to use up to $50 million of the net proceeds to repurchase a portion of its existing 1.00% convertible senior notes due 2026. The remainder of the proceeds will be used to acquire additional Bitcoin (CRYPTO: BTC) and for and for general corporate purposes.

The company had $196.2 million in total cash and cash equivalents as of March 31 and held a total of 49,940 Bitcoin as of June 30.

MARA Holdings ( MARA ) is due to report financial results for the second quarter on July 29. Analysts expect the company to report earnings of 63 cents per share and revenue of $218.45 million, according to estimates from Benzinga Pro.

MARA Price Action: MARA Holdings ( MARA ) shares were down 4.98% at $18.90 at the time of publication Wednesday, according to Benzinga Pro. The stock has gained approximately 33% over the past month.

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