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Bitcoin Miner MARA To Raise $700M Accelerating BTC Buying Plan

Published

3 days ago

December 2, 2024

Leading Bitcoin miner MARA has once again caused a market frenzy, revealing plans to raise $700 million in an effort to accelerate its BTC buying plan. Notably, the firm revealed on Monday that it intends to offer a private offering worth $700 million in 0% convertible senior notes due 2031, primarily to qualified institutional buyers. This mover, riding the heels of the miner’s colossal buying witnessed previously, has in turn echoed significant market optimism surrounding the flagship crypto.

Bitcoin Miner MARA To Raise $700M Sparking Market Discussions

In an official press release dated December 2, MARA announced a proposed private offering of 0% convertible notes worth $700 million for institutional buyers. Further, the Bitcoin miner announced that it would grant the initial purchasers of the notes an option to purchase an additional $105 million aggregate principal amount of the notes within a 13-day period, beginning and including the date of issue. This enhanced market offering, in turn, magnetized institutional buyers across the broader American landscape.

However, the mining firm also revealed that the offering remains subject to market and other conditions, “and there can be no assurance as to whether, when or on what terms the offering may be completed.” Moreover, these notes will be unsecured, which is in line with MARA’s senior obligation. Besides, it’s noteworthy that all of the proceeds will be used primarily to acquire Bitcoin, with some proceeds also being used to repurchase the 2026 convertible notes up to $50 million.

Overall, the miner’s massive buying could significantly aid the BTC price amid a bullish Q4 crypto market, offering heightened buying pressure. Simultaneously, it’s also worth mentioning that MARA recently completed its $1 billion private offering in another BTC purchase saga.

BTC Mirrors Bullishness Amid Massive Buying

Meanwhile, BTC price today slipped nearly 2% reaching $95,685, indicating a muted market interest. The flagship crypto’s 24-hour low and high were $94,820.20 and $98,152.60, respectively. Nevertheless, it’s worth noting that the coin’s monthly chart indicates gains worth 38%, underscoring a bullish momentum for the token. Notably, the coin even neared the much-awaited $100K mark amid this bull cycle, solidifying investor optimism in the wake of the massive buying globally.

Further, in light of the coin’s run near $100K, CoinGape Media reported the same Bitcoin miner to have bagged 5771 BTC, underlining the asset’s potential. Crypto market participants continue to keep the flagship crypto on their radars amid bullish events unfolding across the broader sector.