ConvertibleActiveBTC
1% Convertible Notes due 2026
MARA-Dec26
$9.54▼ 1.34%
BTC Holdings
38,689 BTC
Total Debt
$2.50B
Leverage
71.0%
mNAV
1.32x
Outstanding
$48.08M
Issue date
2021-11-15
Principal
$747.50M
Coupon
1.00%
Maturity
2026-12-01
Conversion price
$76.17
ITM Status
OTM (-87.5%)
- ~$417M exchanged for common shares in Sep 2023
- Remainder partially repurchased using proceeds from later issuances
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Jun 1, Dec 1
- Rate type
- Fixed
- Forced conversion
- On or after Dec 6, 2024, if stock >= 130% of conversion price for a specified period
- Put provision
- Upon fundamental change at par plus accrued interest
- Use of proceeds
- General corporate purposes, including acquisition of bitcoin or bitcoin mining machines
Sources(2)
- Form 8-K (1.0% convertibl…FilingForm 8-K (1.0% convertible notes pricing)MARA Holdings Inc. — 2021-11-18
- Form 8-K (purchasers' opt…FilingForm 8-K (purchasers' option exercise)Purchasers' optionMARA Holdings Inc. — 2021-11-24
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | — | $48.08M | Form 10-K (FY 2025) |
| 2025-09-30 | — | $48.08M | Form 10-Q (Q3 2025) |
| 2021-11-15 | Issuance | $747.50M |
- 2025-12-31 — $48,077,000Note 16 — Debt — filing — MARA Holdings Inc.Source
- 2025-09-30 — $48,077,00010-Q, page F-32 — filing — MARA Holdings Inc.Source
- 2021-11-15 — $747,500,000