MARA Holdings has completed a $950M upsized convertible notes offering to repurchase debt, enter capped calls, and acquire more Bitcoin, reinforcing its long-term crypto strategy.
Author: Tanishq Bodh
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:
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.
That Martini Guy ₿
@MartiniGuyYT
BREAKING🚨 MARA, A PUBLICLY TRADED COMPANY, JUST RAISED $900 MILLION TO BUY MORE BITCOIN! https://t.co/WuZrzi5Rzh
12:36 PM·Jul 28, 2025
| 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 |
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.
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.
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