secwatch.observer — SEC 8-K summary
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Issuer:     MARA Holdings, Inc. (MARA)
CIK:        0001507605
Form:       8-K
Filed at:   2025-07-24T23:59:59+00:00
Accession:  0000950142-25-001993
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1507605/000095014225001993/0000950142-25-001993-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1507605/000095014225001993/eh250658656_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-25-001993

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