secwatch.observer — SEC 8-K summary
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Issuer:     MARA Holdings, Inc. (MARA)
CIK:        0001507605
Form:       8-K
Filed at:   2025-07-23T23:59:59+00:00
Accession:  0000950142-25-001988
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1507605/000095014225001988/0000950142-25-001988-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1507605/000095014225001988/eh250657076_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-25-001988

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer