MARA’s Bold $950M Play: Why Doubling Down on Bitcoin and Crushing Debt Could Shake the Crypto World Faster Than You Think
MARA received approximately $940 million in net proceeds after deducting initial purchasers’ discounts and commissions. Of that, the company used over $18 million to repurchase $19 million in 2026 convertible notes and allocated approximately $37 million toward capped call hedges to mitigate potential dilution.
The remaining proceeds are expected to support MARA’s core Bitcoin acquisition strategy, along with general corporate purposes. These may include working capital, strategic acquisitions, asset expansion, and repayment of other outstanding obligations, the company stated.
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