---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-25-001988"
form_type: "8-K"
ticker: "MARA"
cik: "0001507605"
company_name: "MARA Holdings, Inc."
filed_at: "2025-07-23T23:59:59+00:00"
generated_at: "2026-05-18T03:21:51.941097+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-25-001988
- form_type: 8-K
- ticker: MARA
- cik: 0001507605
- company_name: MARA Holdings, Inc.
- filed_at: 2025-07-23T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1507605/000095014225001988/0000950142-25-001988-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1507605/000095014225001988/eh250657076_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-25-001988
- JSON: https://secwatch.observer/filing/0000950142-25-001988.json
- Plain text: https://secwatch.observer/filing/0000950142-25-001988.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.