07:26 AM EST, 11/18/2024 (MT Newswires) -- MARA Holdings ( MARA ) said Monday it is planning a private offering of $700 million of unsecured convertible senior notes due 2030.

Initial buyers will likely receive an option to buy up to $105 million in additional notes within 13 days of the issuance date, the company said.

MARA said it expects to use up to $200 million of the net proceeds to repurchase a part of its existing convertible notes due 2026, with the remainder due to be allocated toward the acquisition of additional bitcoin and general corporate purposes.