MARA closes $850M zero-coupon convertible notes due 2031; proceeds to buy bitcoin and repurchase $51M of 2026 notes

MARA Holdings, Inc.

Aggregate principal $850M; initial purchasers have option for additional $150M within 13 days.
Net proceeds ~$835.1M; ~$48M used to repurchase ~$51M of existing 2026 convertible notes.
Remainder to acquire additional bitcoin and for general corporate purposes including working capital and acquisitions.
Notes convertible at initial rate of 28.9159 shares per $1,000 principal (~$34.58/share), a 40% premium over reference price of $24.70.
Notes bear zero regular interest; mature June 1, 2031; redeemable after June 5, 2029 if stock exceeds 130% of conversion price.

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