Bitcoin miner MARA Holdings has revealed plans to buy back existing notes with the goal of buying more bitcoin through a second proposed private offering of $700 million zero-coupon convertible senior notes.

MARA is scheduled to give first purchasers the option to purchase up to an additional $105 million in the notes’ aggregate principal amount, according to an announcement on its website. The notes, which are due in 2031, will be made available to eligible institutional investors, subject to market circumstances and other factors.

MARA’s senior obligations will be unsecured notes that are not anticipated to accrue interest. MARA will decide whether to convert the notes into cash, MARA common stock, or a mix of the two.

Up to $50 million of the notes’ net proceeds will be used by MARA to buy back some of its current convertible notes through private transactions. The remaining net proceeds will be used to buy bitcoin (BTC), and for general corporate purposes.

On Nov. 18, MARA announced a similar convertible note offering, purchasing 6,474 Bitcoin, which is currently valued at over $615 million.

In MARA’s November bitcoin production and mining operation updates, Fred Thiel, the company’s chairman and CEO, shared insights on a record-breaking month.

“Our BTC production grew 26% month-over-month to 907 BTC and energized hash rate increased to 46.1 EH/s, a 15% increase over October. As of the end of November, we have acquired 12,965 BTC year-to-date at an average price of $77,692 and mined an additional 8,563 BTC. This brings our year-to-date BTC yield per share to 37.2%. Overall, we now hold a total of 34,959 BTC, valued at $3.3 billion based on a spot price of $95,000 per BTC.”

MARA Holdings believes that its dual approach of mining and purchasing bitcoin will strengthen its position and ability to deliver long-term value to its shareholders.

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