MARA Holdings, Inc. Completes Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032
MARA Holdings (NASDAQ: MARA) has successfully completed an upsized offering of $950 million in 0.00% convertible senior notes due 2032. The company secured net proceeds of approximately $940.5 million after deducting initial purchasers' discounts and commissions.
The notes are convertible into cash, MARA common stock, or a combination thereof, with an initial conversion rate of 49.3619 shares per $1,000 principal amount, equivalent to a conversion price of $20.2585 per share. MARA allocated $18.3 million to repurchase existing 2026 convertible notes and $36.9 million for capped call transactions.
The remaining proceeds will be used to acquire additional bitcoin and for general corporate purposes. The company implemented protective measures through capped call transactions with a cap price of $24.14 per share, representing a 40% premium over the reference price.
MARA Holdings (NASDAQ: MARA) ha completato con successo un'offerta aumentata a 950 milioni di dollari in obbligazioni convertibili senior a tasso 0,00% con scadenza 2032. La società ha ottenuto proventi netti di circa 940,5 milioni di dollari dopo aver dedotto sconti e commissioni iniziali agli acquirenti.
Le obbligazioni sono convertibili in denaro, azioni ordinarie MARA o una combinazione di entrambe, con un tasso di conversione iniziale di 49,3619 azioni per ogni 1.000 dollari di valore nominale, corrispondente a un prezzo di conversione di 20,2585 dollari per azione. MARA ha destinato 18,3 milioni di dollari per riacquistare obbligazioni convertibili esistenti con scadenza 2026 e 36,9 milioni di dollari per operazioni di capped call.
I proventi residui saranno utilizzati per acquisire ulteriori bitcoin e per scopi aziendali generali. La società ha adottato misure protettive tramite operazioni di capped call con un prezzo massimo di 24,14 dollari per azione, rappresentando un premio del 40% rispetto al prezzo di riferimento.
MARA Holdings (NASDAQ: MARA) ha completado con éxito una oferta ampliada de 950 millones de dólares en notas convertibles senior al 0,00% con vencimiento en 2032. La compañía aseguró ingresos netos de aproximadamente 940,5 millones de dólares después de deducir descuentos y comisiones iniciales a los compradores.
Las notas son convertibles en efectivo, acciones ordinarias de MARA o una combinación de ambas, con una tasa de conversión inicial de 49,3619 acciones por cada 1.000 dólares de valor nominal, equivalente a un precio de conversión de 20,2585 dólares por acción. MARA asignó 18,3 millones de dólares para recomprar notas convertibles existentes con vencimiento en 2026 y 36,9 millones de dólares para transacciones de opciones capped call.
Los ingresos restantes se utilizarán para adquirir más bitcoin y para propósitos corporativos generales. La compañía implementó medidas de protección mediante transacciones capped call con un precio máximo de 24,14 dólares por acción, lo que representa una prima del 40% sobre el precio de referencia.
MARA Holdings (NASDAQ: MARA)는 2032년 만기 0.00% 전환사채 규모를 9억 5천만 달러로 증액하여 성공적으로 발행을 완료했습니다. 회사는 초기 구매자 할인 및 수수료를 공제한 후 약 9억 4,050만 달러의 순수익을 확보했습니다.
이 전환사채는 현금, MARA 보통주 또는 이들의 조합으로 전환 가능하며, 초기 전환 비율은 1,000달러 원금당 49.3619주로, 주당 전환 가격은 20.2585달러에 해당합니다. MARA는 기존 2026년 만기 전환사채를 1,830만 달러에 재매입하고, 캡드 콜 거래에 3,690만 달러를 배정했습니다.
나머지 자금은 추가 비트코인 매입과 일반 기업 목적에 사용될 예정입니다. 회사는 기준 가격 대비 40% 프리미엄인 주당 24.14달러의 캡 가격으로 보호 조치를 캡드 콜 거래를 통해 시행했습니다.
MARA Holdings (NASDAQ: MARA) a mené à bien une émission augmentée de 950 millions de dollars en obligations convertibles senior à 0,00 % arrivant à échéance en 2032. La société a obtenu un produit net d'environ 940,5 millions de dollars après déduction des remises et commissions initiales des acheteurs.
Les obligations sont convertibles en espèces, en actions ordinaires MARA ou en une combinaison des deux, avec un taux de conversion initial de 49,3619 actions pour 1 000 dollars de principal, ce qui correspond à un prix de conversion de 20,2585 dollars par action. MARA a alloué 18,3 millions de dollars pour le rachat d'obligations convertibles existantes arrivant à échéance en 2026 et 36,9 millions de dollars pour des transactions de capped call.
Le reste des fonds sera utilisé pour acquérir des bitcoins supplémentaires et à des fins générales d'entreprise. La société a mis en place des mesures de protection via des transactions de capped call avec un prix plafond de 24,14 dollars par action, représentant une prime de 40 % par rapport au prix de référence.
MARA Holdings (NASDAQ: MARA) hat erfolgreich eine aufgestockte Emission von 950 Millionen US-Dollar 0,00% wandelbarer vorrangiger Schuldverschreibungen mit Fälligkeit 2032 abgeschlossen. Das Unternehmen erzielte nach Abzug von anfänglichen Käuferabschlägen und Provisionen einen Nettoerlös von etwa 940,5 Millionen US-Dollar.
Die Schuldverschreibungen sind in bar, MARA-Stammaktien oder eine Kombination daraus wandelbar, mit einer anfänglichen Umtauschrate von 49,3619 Aktien pro 1.000 US-Dollar Nennwert, entsprechend einem Wandlungspreis von 20,2585 US-Dollar je Aktie. MARA verwendete 18,3 Millionen US-Dollar zum Rückkauf bestehender wandelbarer Schuldverschreibungen mit Fälligkeit 2026 und 36,9 Millionen US-Dollar für Capped-Call-Transaktionen.
Die restlichen Erlöse werden verwendet, um zusätzliche Bitcoins zu erwerben und für allgemeine Unternehmenszwecke. Das Unternehmen implementierte Schutzmaßnahmen durch Capped-Call-Transaktionen mit einem Cap-Preis von 24,14 US-Dollar je Aktie, was einer Prämie von 40 % gegenüber dem Referenzpreis entspricht.
- Substantial capital raise of $950 million through zero-interest convertible notes
- Strategic use of proceeds for bitcoin acquisition and business expansion
- Implementation of capped call transactions to minimize potential dilution
- Successful upsizing of the offering indicates strong investor interest
- Zero regular interest rate on the notes reduces debt servicing costs
- Potential dilution for existing shareholders upon conversion
- Additional debt obligation of $950 million added to balance sheet
- Complex hedging activities may create short-term stock price volatility
Insights
MARA raised $940.5M through zero-coupon convertible notes, primarily for bitcoin acquisition and implemented protective hedging strategies.
MARA has successfully closed an upsized
The strategic allocation of these proceeds reveals MARA's priorities:
The notes' conversion price of approximately
The zero-coupon structure combined with the 2032 maturity provides MARA substantial financial flexibility while the conversion features and embedded investor protections (like the 2030 put option) balance investor interests with the company's capital needs. This transaction significantly strengthens MARA's balance sheet and provides substantial capital for bitcoin acquisition, reinforcing its strategic positioning in the digital asset space.
Miami, FL, July 28, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced the closing on July 25, 2025 of its upsized offering of
The net proceeds from the sale of the notes were approximately
The notes are unsecured, senior obligations of MARA. The notes will not bear regular interest and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes at a redemption price equal to
Holders of notes may require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to
The notes are convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes are convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
The conversion rate for the notes is initially 49.3619 shares of MARA’s common stock per
In connection with the repurchase of the
In connection with the pricing of the notes, MARA entered into privately negotiated capped call transactions with the option counterparties. If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.
The cap price of the capped call transactions is initially approximately
MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.
The notes were sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes was made only by means of a private offering memorandum.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s
About MARA
MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to MARA’s use of the remainder of the net proceeds of the offering and the impact of the capped call transactions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: mara@wachsman.com
FAQ
What is the size and terms of MARA's new convertible note offering?
How will MARA use the proceeds from the convertible note offering?
What is the conversion rate for MARA's 2032 convertible notes?
When can holders convert MARA's 2032 convertible notes?
What protection did MARA implement against dilution from the convertible notes?
