ConvertibleActiveBTC
0% Convertible Notes due 2032
MARA-Aug32
$9.55▼ 1.24%
BTC Holdings
38,689 BTC
Total Debt
$2.50B
Leverage
70.8%
mNAV
1.32x
Outstanding
$1.02B
Issue date
2025-07-28
Principal
$1.02B
Coupon
0.00%
Maturity
2032-08-01
Conversion price
$20.26
ITM Status
OTM (-52.9%)
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 Jan 15, 2030, 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 Jan 4, 2030 if stock < conversion price, or upon fundamental change
- Use of proceeds
- Repurchase ~$19.4M of existing 1.00% Dec 2026 notes, capped call transactions, acquire additional bitcoin, and general corporate purposes
- Capped call
- Cap price ~$24.14/share (40% premium). Cost ~$36.9M. Covers shares underlying the notes, reduces dilution up to cap price.
Sources(2)
- Form 8-K (0% convertible …FilingForm 8-K (0% convertible notes due 2032)MARA Holdings Inc. — 2025-07-28
- Form 10-Q (Q3 2025)FilingForm 10-Q (Q3 2025)page F-32Purchasers' option terms referencedMARA Holdings Inc. — 2025-11-04
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | — | $1.02B | Form 10-K (FY 2025) |
| 2025-09-30 | — | $1.02B | Form 10-Q (Q3 2025) |
| 2025-07-28 | Issuance | $1.02B |
- 2025-12-31 — $1,025,000,000Note 16 — Debt — filing — MARA Holdings Inc.Source
- 2025-09-30 — $1,025,000,00010-Q, page F-32 — filing — MARA Holdings Inc.Source
- 2025-07-28 — $1,025,000,000