MARA Bets Big on Bitcoin Again with $850 Million Debt Raise

MARA Holdings is going all in.

The publicly traded Bitcoin miner already holds over 50,000 BTC.

Now, it’s adding more firepower.

On Wednesday, MARA priced an $850 million private offering of zero-coupon, senior unsecured convertible notes due 2032. The deal is limited to qualified institutional buyers, who also get a 13-day option to purchase an additional $150 million in notes.

The move gives MARA financial agility.

First, it will retire $50 million of its existing 1% convertible senior notes due 2026. Then, it plans to deploy the bulk of proceeds toward capped-call hedges, fresh Bitcoin purchases, and general corporate purposes.

The notes structure is smart and strategic.

Since they’re zero-coupon, MARA avoids interest payments altogether.

Investors can convert the notes into equity if MARA’s stock crosses a certain price threshold.

If not, the company simply repays the principal in 2032—minimizing dilution and conserving cash in the interim.

Shares of MARA currently trade near $18.21 on NASDAQ, giving the company a market cap around $6.35 billion , according to TradingView and CompaniesMarketCap .

That valuation places MARA among the most valuable Bitcoin mining companies globally—both in market size and on-chain Bitcoin reserves.

Meanwhile, Bitcoin itself is roaring, recently trading above $118,600 per coin.

Demand continues to run hot.

Miners like MARA feed the rally—selling some BTC to fund operations, while tucking away the rest as long-term treasury assets.

MARA CEO Fred Thiel has made the company’s strategy clear: play the long game.

He’s said repeatedly that MARA won’t sell into weakness.

Instead, it aims to become a digital asset treasury powerhouse.

Critics, however, are wary.

Some question the timing and growing debt load.

They see the math: more BTC on the asset side, more notes on the liabilities.

It’s a high-conviction bet—and not without risk.

Still, institutional buyers seem intrigued.

The structure offers them upside via potential equity conversion at a discount, while backing a miner with serious on-chain weight.

MARA Holdings To Run On Two Strategies That $150 million add-on option gives MARA flexibility.

If demand holds, it could push total proceeds to $1 billion .

That could be tapped quickly—especially if market conditions remain favorable.

Reaction across crypto Twitter was swift.

Industry voices like WuBlockchain hailed the move , while analyst Marty Chargin offered deeper color.

MARA’s strategy now runs on two engines: securing ultra-cheap capital and hoarding Bitcoin .

This notes offering checks both boxes.

Eyes are now on the 13-day window.

Traders will watch for BTC price swings.

They’ll monitor MARA’s share price.

The question looms: will investors convert—or will MARA repay? $MARA … MARA Holdings (MARA) said Wednesday it has launched a private offering of $850 million in 0% convertible senior unsecured notes due 2032 to qualified institutional buyers.

Initial purchasers have been granted a 13-day option to buy up to an additional $150 million in… pic.twitter.com/2fOvemjYhX — Marty Chargin (@MartyChargin) July 23, 2025 Behind the headlines, MARA’s mining rigs continue humming.

The company’s hashrate keeps rising, energy deals lock in long-term capacity, and operational efficiencies improve.

In Q2 2025 , MARA mined nearly 9,000 BTC , growing its already-massive treasury.

This $850 million raise is MARA’s largest financing deal to date.

It’s a bold statement and a bet on Bitcoin’s long-term trajectory.

MARA is no longer just a miner.

It’s a Bitcoin accumulator, a treasury strategist, and increasingly, a market mover.

The crypto industry is watching.

Wall Street is watching.

And MARA is moving fast, building its Bitcoin mountain, one convertible note at a time.

Disclosure: This is not trading or investment advice.

Always do your research before buying any cryptocurrency or investing in any services.

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