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Paul, Weiss advised MARA Holdings, Inc., a leading digital energy and infrastructure company, in a private offering of $1.025 billion aggregate principal amount of 0.00% convertible senior notes due 2032. The amount included $75 million in notes issued under an overallotment option. Morgan Stanley and Barclays acted as lead book-running manager and joint book-running manager, respectively, for the offering, which closed in August 2025. The company used a portion of the net proceeds to repurchase certain of its outstanding notes and to pay the costs of the capped call transactions entered into in connection with the notes offering, with the remainder of the net proceeds to be used to acquire additional bitcoin and for general corporate purposes.

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