The convertible notes are due 2030

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A offering by MARA Holdings, Inc. of $1 billion aggregate principal amount of its 0.00% convertible senior notes due 2030, which included $150 million aggregate principal amount of convertible notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes.

MARA Holdings is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded or otherwise underutilized energy into economic value.

The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jason Bassetti and associate Savannah Dowling. The tax team included partner Corey M. Goodman, counsel Yixuan Long and associate Kelsey Nelson. Partner Frank J. Azzopardi and associate Francesca Masella provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.

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