ConvertibleActiveBTC
2.125% Convertible Notes due 2031
MARA-Sep31
$9.55▼ 1.24%
BTC Holdings
38,689 BTC
Total Debt
$2.50B
Leverage
70.9%
mNAV
1.32x
Outstanding
$300.00M
Issue date
2024-08-14
Principal
$300.00M
Coupon
2.13%
Maturity
2031-09-01
Conversion price
$18.89
ITM Status
OTM (-49.4%)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Mar 1, Sep 1
- Rate type
- Fixed
- Forced conversion
- On or after Sep 6, 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 Mar 1, 2029, or upon fundamental change
- Use of proceeds
- BTC acquisition (~4,144 BTC purchased at ~$59,500/BTC) and general corporate purposes
Sources(1)
- Form 8-K (2.125% converti…FilingForm 8-K (2.125% convertible notes pricing)MARA Holdings Inc. — 2024-08-14
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | — | $300.00M | Form 10-K (FY 2025) |
| 2025-09-30 | — | $300.00M | Form 10-Q (Q3 2025) |
| 2024-08-14 | Issuance | $300.00M |
- 2025-12-31 — $300,000,000Note 16 — Debt — filing — MARA Holdings Inc.Source
- 2025-09-30 — $300,000,00010-Q, page F-32 — filing — MARA Holdings Inc.Source
- 2024-08-14 — $300,000,000