By Dean Seal


Mara Holdings is launching a $700 million private offering of convertible senior notes, with a plan to buy bitcoin with the proceeds.

The Fort Lauderdale, Fla., cryptocurrency company Monday said the notes will be purchased by qualified institutional buyers, and that $50 million of the proceeds will be used to repurchase a portion of its existing convertible notes, which are due in 2026.

The rest of the proceeds will be used to acquire additional bitcoin, Mara said.

The company also said Monday that its bitcoin-mining operations hit a record level of production in November.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

12-02-24 0801ET