Repurchase of 2030 Notes ($367.5M) and June 2031 Notes ($633.4M) principal, funded by selling 15,133 BTC

Mar 25, 2026 · Other

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Terms of issuance

Instrument

Other

Principal

$1.00B

Net proceeds

missing — add on communication

Coupon

missing — add on communication

Issue date

Mar 25, 2026

Maturity

missing — add on communication

Seniority

missing — add on communication

Conversion ratio

n/a

Settlement

n/a

Economic analysis

Effective annual cost

n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost

Interest savings vs. plain debt

n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate

Implied option value / volatility

n/anot shown — would require an assumed volatility input, which we do not fabricate

Breakeven

n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate

Context

Shares outstanding (as of issue date)

380,234,635

Stock price / market cap (as of issue date)

n/ano price on or before the issue date

Use of proceeds

missing — add on communication

Other financing outstanding (excl. this instrument)

2020 ATM (H.C. Wainwright) ($200.0M), Registered direct offering (12,500,000 shares at $20.00/share) ($250.0M), Silvergate revolving credit facility (2021) ($100.0M), 2022 ATM (H.C. Wainwright) ($750.0M), Silvergate revolving credit facility (2022) ($100.0M), Silvergate Term Credit Agreement ($50M initial + $50M delayed draw by 4/25/23) ($100.0M), Debt-for-equity exchange of 1.00% 2026 Notes for 31.7 million shares ($417.0M), 2023 ATM (H.C. Wainwright) ($750.0M), 2024 ATM (H.C. Wainwright) ($1.50B), 2.125% Convertible senior notes due 2031 ($300.0M), 0% Convertible senior notes due 2030 ($1.00B), 0% Convertible senior notes due 2031 (June 2031 Notes) ($925.0M), 2025 ATM (Barclays, BMO, BTIG, Cantor Fitzgerald, Guggenheim, H.C. Wainwright, Mizuho) ($2.00B), 0% Convertible senior notes due 2032 (August 2032 Notes) ($1.02B), Capped call transactions (2032 Notes) ($39.8M), Coinbase Credit, Inc. facility ($300M new + $150M refinanced) ($450.0M), Two Prime Lending Limited term loan ($300.0M)

— of which existing debt

$10.17B

Existing cash

n/anot tracked in the system yet

Anti-dilution adjustment terms

n/a

Related acquisition

none

Related deal

none

Related site

none

Sources

OtherMARA repurchases convertible notes funded by 15,133 BTC sale

Mar 25, 2026