MARA upsizes convertible notes offering to $850M zero-coupon due 2030; proceeds for bitcoin and debt repurchase

MARA Holdings, Inc.

Offers $850M zero-coupon convertible notes due 2030, upsized from $700M; initial conversion price ~$25.91 per share.
Net proceeds estimated at ~$833M ($980M if greenshoe fully exercised); closing expected Nov 20, 2024.
Approximately $199M of net proceeds used to repurchase $212M of existing 2026 convertible notes.
Remainder used to acquire additional bitcoin and for general corporate purposes.
Initial purchasers granted 13-day option to buy up to additional $150M in notes.

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