MARA Holdings Proposes $850 Million Convertible Notes Offering

MARA Holdings, Inc. (NASDAQ: MARA), a leader in digital energy and infrastructure, unveiled plans for a private offering of $850 million in zero-coupon convertible senior notes. The offering targets qualified institutional buyers under Rule 144A, with an option for initial purchasers to acquire an additional $150 million within 13 days of issuance.

The notes, due in 2032, will be unsecured senior obligations, accruing no regular interest but potentially subject to special interest payments under specific conditions. Conversion terms allow holders to exchange notes for cash, shares, or a combination at MARA's discretion. Market conditions will determine the final completion and terms.

Strategic allocation includes up to $50 million for undisclosed purposes, signaling MARA's aggressive financial positioning in the digital asset infrastructure space. The MOVE reflects growing institutional confidence in crypto-adjacent ventures.