MARA announces $850M zero-coupon convertible note offering and Q2 operational update

MARA Holdings, Inc.

Offering $850M 0.00% convertible notes due 2032; initial purchasers option for additional $150M.
Proceeds: up to $50M to repurchase 1% 2026 notes, buy more bitcoin, pay capped calls, general corporate.
June 30 operational snapshot: 49,951 BTC, 57.4 EH/s compute, 310,000 energized miners.
Q2 2025: mined 2,358 BTC (25.9/day), won 694 blocks, 5.7% of network rewards.
Capped call transactions to offset dilution; hedged holder stock purchases could affect price.

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