MARA Holdings Closes $950M Convertible Notes Offering, Eyes More Bitcoin

July 28, 2025 – MARA Holdings, formerly Marathon Digital, has closed an upsized $950 million private offering of 0.00% convertible senior notes due 2032, marking another bold move in its Bitcoin-focused strategy. Priced on July 23, the deal follows heightened institutional interest and adds to MARA’s growing war chest aimed at expanding BTC holdings and improving balance sheet resilience.

The net proceeds—approximately $935.6 million after expenses—will be used to:

• Repurchase a portion of existing 1.00% convertible notes due 2026
• Enter capped call transactions to offset shareholder dilution
• Acquire additional Bitcoin
• Fund general purposes like working capital and strategic acquisitions

Bitcoin Remains the Core Play

As of July 24, MARA held 49,951 BTC, valued at over $3.2 billion, and has signaled no intent to sell. This aligns with its “full HODL” approach, where BTC acts as a treasury reserve rather than a liquid asset.

The capped call was priced at a 40% premium, effectively setting conversion caps at $24.14/share, but investor unease around dilution led to a 9% intraday drop in MARA stock.

Recent Capital Raises: A BTC Power Play

Date	Amount Raised	Purpose	Outcome
July 2025	$950M (upsized)	BTC acquisition, repurchase notes, growth	Closed July 25; BTC purchases pending
Nov 2024	$850M	BTC acquisition + general use	Completed, holdings rose significantly
Aug 2024	$300M (upsized)	BTC acquisition	$249M used to buy 4,144 BTC
July 2024	$100M	Direct BTC purchase	Bolstered HODL strategy

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Analysts Split: Strategic or Risky?

Crypto analysts note this mirrors MicroStrategy’s debt-driven BTC strategy—fueled by bullish conviction in Bitcoin’s long-term value. But the gamble is real: if BTC drops, MARA’s leveraged exposure could backfire.

No immediate BTC purchases from the raise have been disclosed. Investors are now eyeing MARA’s upcoming production updates and potential Q3 disclosures.

Did You Know?

Despite market volatility, MARA has raised over $2.2 billion in convertible debt since July 2024—making it one of the most aggressive Bitcoin acquirers among publicly traded firms, second only to MicroStrategy.