ConvertibleActiveBTC
0% Convertible Notes due 2030
MARA-Mar30
$14.38▲ 2.20%
BTC Holdings
35,303 BTC
Total Debt
$2.45B
Leverage
73.3%
mNAV
2.11x
Outstanding
$632.54M
Issue date
2024-11-21
Principal
$1.00B
Coupon
0.00%
Maturity
2030-03-01
Conversion price
$25.91
ITM Status
OTM (-44.5%)
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 Mar 5, 2028, 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 Dec 1, 2027, or upon fundamental change
- Use of proceeds
- Repurchase ~$212M of existing Dec 2026 notes, acquire additional bitcoin, and general corporate purposes
Outstanding History
Outstanding history(5)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | — | $632.54M |
| 2026-03-25 | Repurchase | $632.54M |
| 2025-12-31 | — | $1.00B |
| 2025-09-30 | — | $1.00B |
| 2024-11-21 | Issuance | $1.00B |
- 2026-03-31 — $632,540,000Note 13 - Debt
- 2026-03-25 — $632,540,000Item 8.01
- 2025-12-31 — $1,000,000,000Note 16 — Debt
- 2025-09-30 — $1,000,000,00010-Q, page F-32
- 2024-11-21 — $1,000,000,000