---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-25-002027"
form_type: "8-K"
ticker: "MARA"
cik: "0001507605"
company_name: "MARA Holdings, Inc."
filed_at: "2025-07-28T23:59:59+00:00"
generated_at: "2026-05-18T00:15:03.624092+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# MARA Holdings Completes $950 Million Convertible Notes Offering Due 2032

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-25-002027
- form_type: 8-K
- ticker: MARA
- cik: 0001507605
- company_name: MARA Holdings, Inc.
- filed_at: 2025-07-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1507605/000095014225002027/0000950142-25-002027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1507605/000095014225002027/eh250659491_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-25-002027
- JSON: https://secwatch.observer/filing/0000950142-25-002027.json
- Plain text: https://secwatch.observer/filing/0000950142-25-002027.txt

## Key facts
- Debt Financings
  MARA Holdings, Inc. incurred convertible notes of $950 million with U.S. Bank Trust Company, National Association at 0.00% maturing August 1, 2032.
  - Instrument: convertible notes
  - Principal: $950 million
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 0.00%
  - Maturity: August 1, 2032
  - Event: incurrence
  source text: institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $950 million. The Company also granted the Initial Purchasers an option to purchase up to an additional $200 million aggregate principal amount of the notes within a 13-day period beginning
  evidence_url: https://www.sec.gov/Archives/edgar/data/1507605/000095014225002027/0000950142-25-002027-index.htm

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