MARA Holdings Inc.'s MARA stock rebounded in early trading Monday. The company provided its November Bitcoin BTC/USD mining update and announced a proposed private offering.
What you need to know: MARA Holdings announced on Monday that it mined 907 Bitcoins in November, an increase of 26% month-over-month. The company has mined a total of 8,563 Bitcoins since the beginning of the year. MARA Holdings announced that its post-energization hashrate increased by 15% month-on-month to 46.1 EH/s.
“November was a record month for MARA, with our mining operations achieving unprecedented levels of production with the addition of additional miners and increased operational efficiency,” said Chairman and Chief Executive Officer of MARA Holdings. said Fred Thiel, CEO.
“These results highlight the significant progress we have made in scaling our operations and optimizing performance, strengthening our leadership position in the industry.”
SEE ALSO: Bitcoin miners soar 52% in November as price approaches $100,000
MARA Holdings also announced plans to offer $700 million in 0.00% convertible notes due 2031 in a private placement to institutional investors. The company will give underwriters a 13-day period to purchase up to $105 million worth of additional bonds.
MARA Holdings intends to use up to $50 million of the proceeds to repurchase a portion of its existing convertible notes due 2026. The remainder of the proceeds will be used to acquire additional Bitcoins.
MARA Holdings announced that it held a total of 34,959 Bitcoins as of November 30th. Bitcoin has fallen approximately 1.65% in 24 hours and is hovering around $95,600 at the time of writing.
MARA Price Trend: According to Benzinga Pro, MARA Holdings stock was down 5.07% at $26.03 at the time of publication.
Photo: Shutterstock.
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
