MARA Holdings is planning to issue a private offering of zero-coupon convertible senior notes due in 2032 in a bid to raise $850 Million, making them the world’s largest publicly traded bitcoin miner.
The proceeds are intended to support MARA’s aggressive bitcoin accumulation strategies while also enabling them to strengthen their digital infrastructure further. The notes are to be unsecured and will neither bear interest nor require repayment.
Instead, these notes will be convertible to cash, shares, or both. MARA’s move signifies their commitment and long-term optimism regarding scaling their operations and bitcoin accumulation. The offering is pending other customary closing conditions and market circumstances.
MARA Holdings Raises $850M to Accumulate Bitcoin
MARA Holdings recently issued a press release announcing their \$850 million BTC fundraising which drew the attention of Bitcoin enthusiasts. In a Wednesday SEC filing, the world’s largest public Bitcoin miner revealed plans to raise the amount through a private placement of zero-coupon convertible senior notes.
The offering, which is only available to qualified institutional buyers, comes with an additional \$150 million in note purchase options, bringing the potential funding to \$1 billion.
Out of this, \$50 million will repurchase a portion of MARA’s 2026 convertible notes, while the rest will be used for debt buybacks, capped call transactions, Bitcoin purchases, and general corporate purposes.
MARA stock saw a decline of 5.79% despite this major move. In spite of this, the stock showed a strong performance and closed at \$19.88, with a 5-day increase of 5% and a 30-day increase of 38%, including a premarket value of \$18.73.
MARA Leads Bitcoin Mining and Holding
Interestingly, MARA Holdings is the largest publicly traded Bitcoin miner in the world, with the second largest publicly held BTC reserves of 50,000 BTC, about \$5.9 billion, second only to MicroStrategy. CoinGape reported that MARA hit that target in May of 2025.
Also, earlier in the year, the company expressed support for Donald Trump’s Bitcoin Reserve Strategy (SBR), where CEO Fred Thiel stated that they intend to push the plan in all 50 states and the federal government.
As of June 30, 2025, MARA’s Bitcoin mining updates in the latest SEC filing showed that the firm has about 310,000 active miners at its facilities. Furthermore, in Q2 2025, the company had 2,358 BTC mined which is about 25.9 BTC a day at 5.7% of total miner rewards.
The company has also reported winning 694 bitcoin blocks in Q2 and 1,360 blocks in H1 2025, and produced a total of 4,644 BTC. They reported total holdings of Bitcoin at 49,955, consisting of assets that have been loaned, collateralized, or under management.
