MARA Holdings to Repurchase Convertible Bonds at Discount

MARA Holdings has announced an agreement to repurchase approximately $1 billion in 0.00% convertible bonds at a 10% discount. According to PANews, the repurchase includes about $368 million in bonds maturing in 2030 and approximately $633 million in bonds maturing in 2031, with payments of around $323 million and $590 million in cash, respectively. The transaction is expected to be completed on March 30 and 31, reducing the outstanding balances of the two bond issues to approximately $633 million and $292 million. The company stated that the funds for the repurchase primarily came from the sale of 15,133 bitcoins between March 4 and 25, totaling around $1.1 billion. The remaining funds will be used for general corporate purposes, effectively reducing the company's total convertible bond debt from approximately $3.3 billion to about $2.3 billion.