MARA Holdings Inc (NASDAQ:MARA) shares are bouncing around in early trading Monday. The company provided a Bitcoin (CRYPTO: BTC) mining update for November and announced a proposed private offering.

What To Know: MARA Holdings on Monday said it mined 907 Bitcoin in November, up 26% month-over-month. The company has now mined a total of 8,563 Bitcoin since the start of the year. MARA Holdings said its energized hash rate increased 15% month-over-month to 46.1 EH/s.

"November was a record-breaking month for MARA, with our mining operations achieving unprecedented levels of production driven by the successful deployment of additional miners and enhanced operational efficiency," said Fred Thiel, chairman and CEO of MARA Holdings.

"These results highlight the significant strides we've made in scaling our operations and optimizing performance, reinforcing our leadership position in the industry."

MARA Holdings also announced plans to offer $700 million of 0.00% convertible senior notes due 2031 in a private offering to institutional buyers. The company will grant the underwriters a 13-day period to buy up to an additional $105 million worth of the notes.

MARA Holdings expects 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 are expected to be used to acquire additional Bitcoin.

MARA Holdings said it held a total of 34,959 Bitcoin as of Nov. 30. Bitcoin was down about 1.65% over a 24-hour period, hovering around $95,600 at the time of writing.

MARA Price Action: MARA Holdings shares were down 5.07% at $26.03 at the time of publication, according to Benzinga Pro.

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