ConvertibleActiveBTC
0% Convertible Notes due 2030
MARA-Mar30
$9.55▼ 1.24%
BTC Holdings
38,689 BTC
Total Debt
$2.50B
Leverage
70.9%
mNAV
1.32x
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 (-63.1%)
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
Sources(1)
- Form 8-K (0% convertible …FilingForm 8-K (0% convertible notes due 2030)MARA Holdings Inc. — 2024-11-21
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-03-25 | Repurchase | $632.54M | Form 8-K (BTC sale and co… |
| 2025-12-31 | — | $1.00B | Form 10-K (FY 2025) |
| 2025-09-30 | — | $1.00B | Form 10-Q (Q3 2025) |
| 2024-11-21 | Issuance | $1.00B |
- 2026-03-25 — $632,540,000Item 8.01 — filing — MARA Holdings, Inc.Source
- 2025-12-31 — $1,000,000,000Note 16 — Debt — filing — MARA Holdings Inc.Source
- 2025-09-30 — $1,000,000,00010-Q, page F-32 — filing — MARA Holdings Inc.Source
- 2024-11-21 — $1,000,000,000