Bitcoin

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

1 week ago
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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?

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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Source: https://nulltx.com/mara-bets-big-on-bitcoin-again-with-850-million-debt-raise/