Bitcoin mining giant MARA Holdings is tapping private markets to raise $850 million through zero-coupon convertible notes maturing in 2032.
The company will also offer an optional $150 million extension to early buyers. A portion of the funds will be used to accumulate more Bitcoin, further reinforcing its growing crypto treasury.
The convertible notes come with no interest payments and allow conversion under certain conditions into stock or cash. MARA may redeem them after 2030, while noteholders can return them earlier if the stock underperforms. The company is also using up to $50 million of the proceeds to reduce outstanding 2026 debt.
To reduce dilution risk from conversions, MARA will execute capped-call transactions—a common hedge for convertible deals. Banks managing the deal may trade the company’s stock as part of their hedging activity, which could affect share prices during pricing. MARA shares dropped around 5% in pre-market hours following the announcement.
This new raise is part of MARA’s broader financial strategy. The firm recently expanded its investment in SEC-registered crypto lender Two Prime, increasing its Bitcoin allocation from 500 to 2,000 BTC. MARA also mined 950 BTC in May, lifting its total holdings to 50,000—none of which have been sold.
The announcement comes amid a growing trend of companies using financial instruments to increase digital asset exposure. Strategy, led by Michael Saylor, is raising another $500 million to grow its massive 607,000+ BTC position. Ethereum is seeing similar moves, with multiple firms raising capital to accumulate ETH.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/mara-plans-850m-raise-to-boost-bitcoin-treasury-and-retire-debt/