MARA closes $1B 0% convertible note offering due 2030; net proceeds ~$980M for bitcoin buys and debt repurchase

MARA Holdings, Inc.

$1B aggregate principal of 0% convertible senior notes due 2030 sold, including $150M from full greenshoe exercise.
Initial conversion price ~$25.91 per share, a ~42.5% premium over the $18.18 reference price.
Net proceeds ~$980M; ~$199M to repurchase $212M of existing 2026 convertible notes, remainder for bitcoin and corporate use.
Notes unsecured, mature March 1, 2030; redeemable after March 5, 2028 if stock trades at 130% of conversion price.
Holders can require repurchase on Dec 1, 2027 or upon fundamental change at 100% principal.

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