MARA prices $850M zero-coupon convertible notes due 2031; proceeds to buy bitcoin, repurchase 2026 notes

MARA Holdings, Inc.

$850M aggregate principal of 0.00% convertible notes due 2031; net proceeds ~$835.1M (or ~$982.5M with greenshoe).
Initial conversion price ~$34.58 per share, ~40% premium to VWAP of $24.70 on Dec 2.
Uses ~$48M of net proceeds to repurchase ~$51M of existing 2026 convertible notes; remainder to acquire bitcoin and general corporate purposes.
Notes mature June 1, 2031, redeemable after June 5, 2029 if stock >=130% conversion price.
Offering expected to close Dec 4, 2024.

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