MARA · Marathon Digital Holdings, Inc.

Summary

On March 25, 2026, MARA Holdings, Inc. entered into privately negotiated repurchase agreements to repurchase $367.5 million principal of 2030 Notes for $322.9 million and $633.4 million principal of 2031 Notes for $589.9 million, funded by $1.1 billion bitcoin sales between March 4 and March 25, 2026. This reduces total convertible note indebtedness from $3,298,077,000 as of December 31, 2025 to $2,297,201,000 post-transaction.

Key takeaways

• Entered repurchase agreements on March 25, 2026 for $367.5M principal 2030 Notes at $322.9M cash
• Repurchase $633.4M principal 2031 Notes at $589.9M cash, closing March 30-31, 2026
• Sold 15,133 bitcoin for $1.1B between March 4-25, 2026 to fund repurchases
• 2030 Notes outstanding reduced from $1B to $632.54M
• 2031 Notes outstanding reduced from $925M to $291.584M
• Total convertible notes reduced from $3.298B to $2.297B as of Dec 31, 2025 post-transaction