MARA Holdings Raises $950M to Buy More Bitcoin

Bitcoin mining firm MARA Holdings announced that it has completed a $950 million private offering of zero-interest convertible senior notes. The proceeds will be primarily used to fund additional Bitcoin purchases and support general corporate activities.

MARA Completes Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032 https://t.co/QzQhbkDRlH

— MARA (@MARA) July 28, 2025

Notably, this offering was upsized from an initial target of $850 million, reflecting strong demand from institutional investors.

MARA Secures $950M to Expand Bitcoin Holdings

According to the announcement, MARA raised approximately $940.5 million after deducting the initial purchasers’ discounts and commissions. Of this, the firm used roughly $18.3 million to repurchase over $19 million of its 1.00% convertible senior notes due 2026, achieving a discount on debt retirement.

Additionally, around $36.9 million was allocated for capped call transactions. This hedging strategy is designed to minimize potential dilution to shareholders if and when the notes convert. The remaining proceeds are intended to support MARA’s core Bitcoin acquisition strategy, as well as its general corporate purposes. These may include working capital, strategic acquisitions, asset expansion, and repayment of other outstanding obligations.

The firm’s decision to issue the zero‑interest convertible notes provides MARA with a cost-effective financing option. By eliminating periodic interest payments, this structure helps preserve cash flow.

Furthermore, MARA granted initial purchasers a 13‑day option to buy up to an additional $200 million of notes. The 0% convertible senior notes are due 2032.

Currently, MARA holds approximately 50,000 BTC, valued at around $6 billion based on current market prices. The new capital infusion is expected to increase its Bitcoin holdings significantly, strengthening its position as the second-largest corporate holder of Bitcoin, behind Strategy.

Corporate Bitcoin Buying Spree

In a similar move, the Blockchain Group announced today the purchase of 58 BTC for approximately $6,9 million. The recent acquisition increased the company’s holdings to a total of 2,013 BTC, valued at roughly $237 million based on the current market price. Following this purchase, the company achieved a BTC yield of 1,409.8% YTD.

Additionally, Sequans Communications, a semiconductor company, disclosed the acquisition of an additional 755 BTC for approximately $88.5 million at an average price of $117,296 per bitcoin. As of today, the firm holds 3,072 BTC, acquired for $358.5 million, purchased at an average price of $116,690 per bitcoin.