MARA Holdings Advances Bitcoin Strategy with $850M Convertible Note Offering

Highlights:

• MARA plans to raise funding through a note sale to support Bitcoin purchases and reduce existing debt.
• The company mined 2358 BTC in Q2 and now holds nearly 50000 Bitcoin, making it the second-largest public holder.
• MARA ranks as the second-largest corporate holder of BTC behind Strategy.

MARA Holdings, formerly Marathon Digital, plans to raise $850 million through a private sale of zero-coupon convertible senior notes due in 2032. The company disclosed this offering in a filing submitted to the U.S. Securities and Exchange Commission. The sale is available only to qualified institutional buyers. MARA also gave buyers an option to purchase up to $150 million more within 13 days of issuance, which could increase the total to $1 billion.

MARA Holdings plans to raise $850M, focusing on Bitcoin acquisition.

Institutional appetite for BTC grows, indicating confidence in long-term value despite market volatility.

Expect more institutional capital inflows as traditional finance seeks hedge against inflation. pic.twitter.com/sDpjy1123I

— OnlyCalls (@0xOnlyCalls) July 23, 2025

Out of the total amount raised, $50 million will go toward repurchasing part of MARA’s 1.00% convertible notes that are due in 2026. The remaining funds will support several goals. These include paying down other debts, completing capped call transactions, acquiring more Bitcoin, and meeting corporate funding needs. The company will announce the exact conversion rate and other pricing terms during the sale process.

MARA also plans to enter capped call agreements with the note buyers or their affiliates. These arrangements are to curb stock dilution should the notes be converted into shares subsequently. Buyers will be able to convert their notes into currency, MARA shares, or a combination of both, as the company decides. The conversion is, however, only achievable in selected windows and only in specified conditions before May 1, 2032.

Q2 Mining Update Highlights MARA’s Operational Scale

MARA also provided its mining performance update for the second quarter of 2025. The company reported 310,000 energized miners operating across all locations by June 30. These miners helped MARA produce 2,358 Bitcoin during the second quarter, capturing 5.7% of total miner rewards available in that period.

During the second quarter, MARA won 694 Bitcoin blocks. In the first half of 2025, the company secured 1,360 blocks and mined 4,644 Bitcoin. The company ended June with 49,951 BTC in its treasury. This figure includes coins loaned out, held as collateral, or under asset management arrangements. The company crossed the 50,000 BTC mark on July 3.

50,000 BTC now in MARA’s treasury.

Fueled by 57+ EH/s of computational power, reinforcing new foundations for our nation’s digital economy and energy infrastructure.

This is MARA for America in action.

Next target: 75 EH/s by year-end. pic.twitter.com/CxJZs08tLW

— MARA (@MARA) July 3, 2025

MARA’s Bitcoin holdings make it the second-largest corporate holder of the asset, ranking just below Strategy. The company continues to expand its mining capabilities while increasing its Bitcoin reserves. Even though the company made this announcement, its stock price has dropped 1.65% today. Despite the dip, the stock of the company has shown gains over recent periods. The price rose 28% in the last 30 days.

MARA Holdings Bitcoin Strategy Aligns with Political and Institutional Goals

The MARA Holdings Bitcoin Strategy includes both financial structuring and direct asset acquisition. In January, MARA backed the Bitcoin Reserve Strategy linked to Donald Trump’s campaign. CEO Fred Thiel confirmed efforts to expand this plan to all 50 states and the federal level. In addition, he recently expressed optimism in BTC and advised buying small amounts of BTC every month.

MARA combines its fundraising, mining growth, and political alignment under one strategy. The company uses these methods to position itself as a key player in the Bitcoin sector. The MARA Holdings Bitcoin Strategy remains central to its corporate decisions and future expansion plans.