Overview

• The deal was upsized from an $850 million target to $950 million after strong institutional demand and includes a 13-day option for an additional $200 million in notes.
• MARA allocated about $18 million to repurchase its 2026 convertible notes and approximately $37 million toward capped-call hedges to limit share dilution.
• The zero-interest notes mature in 2032 and are initially convertible at roughly $20.26 per share under terms that allow redemption or conversion based on stock-price and corporate‐event triggers.
• MARA’s Bitcoin treasury stands at approximately 50,000 BTC—about $6 billion in market value—making it the second-largest corporate holder behind Strategy.
• Analysts at Cantor Fitzgerald, JPMorgan and Piper Sandler have upgraded MARA’s outlook and raised price targets, citing improving mining economics and planned hashrate growth.