ConvertibleActiveBTC
0% Convertible Notes due 2031
MARA-Jun31
$9.54▼ 1.34%
BTC Holdings
38,689 BTC
Total Debt
$2.50B
Leverage
71.0%
mNAV
1.32x
Outstanding
$291.58M
Issue date
2024-12-04
Principal
$925.00M
Coupon
0.00%
Maturity
2031-06-01
Conversion price
$34.58
ITM Status
OTM (-72.4%)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- On or after Jun 5, 2029, if stock >= 130% of conversion price for a specified period. Min $75M must remain outstanding if partial.
- Put provision
- Holders may require repurchase at par on Jun 4, 2027 and Jun 4, 2029, or upon fundamental change
- Use of proceeds
- Repurchase ~$51M of existing Dec 2026 notes, acquire additional bitcoin, and general corporate purposes
Sources(2)
- Form 8-K (0% convertible …FilingForm 8-K (0% convertible notes due 2031)MARA Holdings Inc. — 2024-12-04
- Form 10-KFilingForm 10-KPage F-42Purchasers' option terms referencedMARA Holdings Inc. — 2024-12-10
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-03-25 | Repurchase | $291.58M | Form 8-K (BTC sale and co… |
| 2025-12-31 | — | $925.00M | Form 10-K (FY 2025) |
| 2025-09-30 | — | $925.00M | Form 10-Q (Q3 2025) |
| 2024-12-04 | Issuance | $925.00M |
- 2026-03-25 — $291,584,000Item 8.01 — filing — MARA Holdings, Inc.Source
- 2025-12-31 — $925,000,000Note 16 — Debt — filing — MARA Holdings Inc.Source
- 2025-09-30 — $925,000,00010-Q, page F-32 — filing — MARA Holdings Inc.Source
- 2024-12-04 — $925,000,000