MARA Holdings to Raise $850 Million Through Convertible Notes To Buy More BTC

MARA Holdings, a leading Bitcoin miner, has announced plans to raise capital to expand its crypto strategy and support other initiatives.

$850M in Zero-Interest Notes to Fund Bitcoin and Growth

The company plans to raise $850 million through a private offering of zero-interest convertible notes due in 2032. These notes can later be converted into cash, MARA stock, or a mix of both. The deal, aimed at qualified institutional buyers, also includes a 13-day option for buyers to purchase an extra $150 million, potentially pushing the total raise to $1 billion. 

The notes will not pay regular interest and will mature in August 2032. However, investors can ask MARA to buy them back in 2030 if the stock price doesn’t meet certain conditions. MARA also has the option to redeem the notes starting in 2030.

Out of the funds raised, $50 million could go toward buying back some of MARA’s older debt (1% notes due 2026). The rest will be used for buying more Bitcoin, general business needs, and paying down other debts or funding strategic growth.

MARA Stock Drops 5%

Part of the funds will also go toward “capped call transactions”, a type of hedge that helps prevent too much share dilution if the notes turn into stock. Despite the big announcement, MARA’s stock dropped over 5% after the announcement.

This comes after Marathon Digital invested $20 million in Two Prime, a major investment firm managing $1.75 billion. This boosts their partnership and increases MARA’s Bitcoin allocation in Two Prime’s yield strategies from 500 BTC to 2,000 BTC.

The deal also gives MARA an ownership stake in Two Prime and supports its push toward more institutional, income-generating Bitcoin strategies.

MARA Mined 4,644 BTC in H1 2025

As of June 30, 2025, MARA Holdings had about 310,000 active bitcoin miners running, as per its recent SEC filing. In the second quarter, they mined 2,358 BTC, which is roughly 26 bitcoin per day, making up 5.7% of all mining rewards. In Q2, the company won 694 bitcoin blocks, and in the first half of 2025, they mined a total of 4,644 BTC from 1,360 blocks.

Second-Largest Public Bitcoin Holder After MicroStrategy

Already holding over 50,000 BTC, MARA is doubling down on its crypto bet. MARA is the second-largest public company holding Bitcoin, just behind Microstrategy, which holds over 607,770 BTC. Strategy (formerly MicroStrategy) is also looking to raise $500 million through a new stock offering called “Stretch” to buy more Bitcoin.

Bitcoin recently hit an all-time high of $123,000, but has slipped back to around $118K. However, large institutions are not backing off and continue to invest heavily, showing strong confidence in Bitcoin’s long-term potential.