$850 Million in Convertible Notes to Fund Additional Bitcoin Acquisition

MARA Holdings, Inc. (Nasdaq: MARA) has announced plans to raise $850 million through a private offering of zero-coupon convertible senior notes due 2032.. The company may grant an additional $150 million option to initial purchasers, potentially bringing the raise to $1 billion.

MARA expects to use up to $50 million of proceeds to repurchase part of its 1% convertible notes due 2026, with the balance allocated to bitcoin acquisitions, capped call transactions, and general corporate purposes.

The notes will be unsecured and senior obligations of MARA, carrying no regular interest. They will be convertible into cash, MARA stock, or a combination of both, subject to conditions.

The move underscores MARA’s continued commitment to its bitcoin treasury strategy and positions the company to expand operations amid growing institutional interest in digital assets.

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