Overview

• Strong institutional demand prompted MARA to increase its offering from $850 million to $950 million and include a 13-day overallotment option for an extra $200 million.
• After discounts and commissions, the convertible note sale yielded about $940 million in net proceeds.
• Marathon Digital holds around 50,000 BTC worth approximately $6 billion and has pledged to hold all newly acquired coins under its HODL strategy.
• MARA’s stock price rose 3 percent in premarket trading upon announcement of the deal’s closing.
• JPMorgan raised its rating to Overweight with a $22 price target while Piper Sandler maintained Overweight and raised its target to $26.