---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-25-001993"
form_type: "8-K"
ticker: "MARA"
cik: "0001507605"
company_name: "MARA Holdings, Inc."
filed_at: "2025-07-24T23:59:59+00:00"
generated_at: "2026-05-18T02:13:44.167288+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MARA prices $950M zero-coupon convertible notes due 2032; upsized with $200M greenshoe option

## Summary
- $950M aggregate principal of 0.00% convertible senior notes due 2032 priced; initial purchasers have $200M option.
- Net proceeds ~$940.5M ($1,138.5M with greenshoe); ~$18.3M to repurchase $19.4M of existing 1% 2026 notes.
- $36.9M for capped call transactions; initial cap price ~$24.14 (40% premium over $17.24 VWAP).
- Remainder for additional bitcoin acquisition, working capital, strategic acquisitions, and debt repayment.
- Offering expected to close July 25, 2025; notes convertible into cash/stock at MARA's election.

## SEC filing metadata
- accession: 0000950142-25-001993
- form_type: 8-K
- ticker: MARA
- cik: 0001507605
- company_name: MARA Holdings, Inc.
- filed_at: 2025-07-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1507605/000095014225001993/0000950142-25-001993-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1507605/000095014225001993/eh250658656_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-25-001993
- JSON: https://secwatch.observer/filing/0000950142-25-001993.json
- Plain text: https://secwatch.observer/filing/0000950142-25-001993.txt

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