ConvertibleActiveBTC
2.125% Convertible Notes due 2031
MARA-Sep31
$14.38▲ 2.20%
BTC Holdings
35,303 BTC
Total Debt
$2.45B
Leverage
73.3%
mNAV
2.11x
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 (-23.9%)
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
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | — | $300.00M |
| 2025-12-31 | — | $300.00M |
| 2025-09-30 | — | $300.00M |
| 2024-08-14 | Issuance | $300.00M |
- 2026-03-31 — $300,000,000Note 13 - Debt
- 2025-12-31 — $300,000,000Note 16 — Debt
- 2025-09-30 — $300,000,00010-Q, page F-32
- 2024-08-14 — $300,000,000