MARA Holdings Completes $950 Million Convertible Notes Offering Due 2032

MARA Holdings, Inc.

MARA sold $950 million aggregate principal of 0.00% convertible senior notes due 2032, with an option for up to $200 million more.
Net proceeds were approximately $940.5 million; $18.3 million used to repurchase $19.4 million of existing 1.00% 2026 convertible notes.
Approximately $36.9 million paid for capped call transactions with initial purchasers to reduce potential dilution.
Remaining net proceeds expected to be used to acquire additional bitcoin and for general corporate purposes.
Notes are convertible at initial rate of 49.3619 shares per $1,000 principal, equivalent to ~$20.26 per share, maturing August 1, 2032.

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