MARA raises $950 million to expand Bitcoin treasury

• MARA raises $940,5 million with convertible notes
• Funds will be used to buy more bitcoin
• The company already has 50.000 BTC in its treasury

MARA Holdings Inc. completed a private offering of $950 million in zero-coupon convertible notes, raising a net $940,5 million to expand its bitcoin reserves and support other corporate initiatives. The mining company, which already holds approximately 50.000 BTC valued at nearly $6 billion, is one of the largest holders of bitcoin among publicly traded companies.

Bitcoin miner MARA closes upsized $950 million note sale to buy more $ BTC and fund debt repurchases https://t.co/1vcwYr79E2 pic.twitter.com/t7Yjk7iy5q

Part of the proceeds was used to repurchase $19,4 million in notes due 2026, at an expense of $18,3 million, in addition to $36,9 million earmarked to limit dilution associated with the conversion of the new notes. The remainder will be allocated to the acquisition of BTC, working capital, strategic acquisitions, operational expansion, and liability reduction.

The new convertible senior notes, which mature in August 2032, do not offer periodic interest payments. They can be converted into cash, MARA shares, or a combination of both, at an initial rate of 49,3619 shares per $1.000 principal amount—implying a conversion price of approximately $20,26 per share.

The company may redeem the notes starting in January 2030, provided its shares are priced at at least 130% of the conversion price for a specified period. Holders will have the right to early redemption in January of the same year or in the event of significant structural changes.

The increase in the issuance—initially projected at US$850 million—reflects market interest, which resulted in the cap being raised to US$950 million. Investors also received the option to purchase up to US$200 million in additional notes, increasing the total potential of the operation.

The initiative follows a growing strategy among companies linked to the crypto sector, which have been using convertible instruments with limited clauses to expand their balance sheets and accumulate digital assets, without sacrificing liquidity or financial flexibility.

MARA shares, listed under the ticker MARA, were down 1,22% at US$17,04, with a market value of US$6,2 billion and an average daily volume of close to US$835 million.