Bitcoin mining company MARA Holdings (MARA) has completed a $950 million offering of 0.00% convertible senior notes due 2032, with the majority of proceeds earmarked to purchase additional bitcoin.

The offering, which could expand to $1.15 billion if underwriters exercise their option in full, MARA announced on Monday.

Net proceeds of approximately $940.5 million will also be used to retire $19.4 million in existing 1.00% notes due 2026, fund capped call transactions to mitigate dilution risk, and support general corporate initiatives. The capped calls were priced with a strike at $24.14 per share, representing a 40% premium to MARA’s $17.24 reference price.

MARA has long championed a bitcoin-focused treasury strategy, opting to accumulate rather than sell its mined bitcoin. The company holds roughly 50,000 BTC, valued at nearly $6 billion, ranking it as the second-largest bitcoin holder among public companies, according to data tracked by Bitcoin Treasuries.

MARA shares closed at $17.16 on Monday, down 0.52% on the day. The mining firm is expected to report its earnings on Aug. 7.

Read more: MARA Holdings Plans $850M Convertible Note Offering to Fuel Bitcoin Buys, Repay Debt

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