MARA Holdings Completes $1 Billion Convertible Senior Notes Offering

Paul, Weiss advised MARA Holdings, Inc., a bitcoin mining and digital asset technology company, in a private offering of $1 billion aggregate principal amount of 0.00% convertible senior notes due 2030. The amount included $150 million in notes issued under an overallotment option, which the initial purchasers exercised in full. The joint bookrunning managers for the offering were led by JPMorgan and Barclays. The company expects to use the net proceeds to acquire additional bitcoin, to repurchase $212 million of its existing convertible notes and for general corporate purposes.

The Paul, Weiss team was led by corporate partners Luke Jennings and John Kennedy, and included tax partner Brian Krause and counsel Samir Kurani.