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MARA closed $950M private offering, upsized from $850M
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Funds to be used to buy more Bitcoin
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MARA now holds 50,000 BTC, worth $5.8B
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Firm says it follows a strict “HODL” strategy and won’t sell BTC
Debt-Funded BTC Treasury Strategy
Bitcoin miner MARA has raised $950 million through a private sale of convertible senior notes due 2032. Initially targeting $850 million, the firm increased the raise due to strong investor interest. The proceeds will be used to expand MARA’s Bitcoin treasury, mimicking the debt-driven strategy of Strategy (formerly MicroStrategy).
The company now holds 50,000 BTC, currently valued at $5.8 billion, positioning it as the second-largest corporate holder of Bitcoin after Strategy.
Facing Industry Pressures, MARA Doubles Down on BTC
MARA’s expansion comes at a time when Bitcoin miners face increased pressure from last year’s halving and intensified competition. Many miners are diversifying into AI and Ethereum, but MARA has committed to a long-term BTC accumulation model, stating it intends never to sell its coins.
Despite a recent 10% drop in its stock and Bitcoin hovering below $118,000, MARA remains focused on building shareholder value through BTC exposure and capital market access.
