MARA Plans $850M Raise to Strengthen Second Largest BTC Treasury

Bitcoin mining giant MARA ramps up strategic treasury expansion with a bold $850M fundraising plan amid post-halving pressures.

MARA Holdings, the world’s largest Bitcoin mining company, has unveiled plans to raise up to $850 million through zero-coupon convertible senior notes due in 2032—an aggressive move to reinforce its 50,000 BTC treasury and navigate tightening post-halving margins.

The Miami-based digital energy and mining firm said in a press release that it may grant initial purchasers an additional $150 million option, bringing the total potential offering to $1 billion. This fresh capital injection will support a multipronged strategy that includes repurchasing $50 million in existing 2026 notes, acquiring additional Bitcoin, funding capped call transactions to mitigate equity dilution, and covering general corporate expenses.

A Hybrid Strategy to Weather Mining Turbulence

The announcement follows increasing pressure on Bitcoin miners stemming from the April 2025 halving, which slashed block rewards in half while operational costs—particularly energy and equipment—have continued to rise. For MARA, this backdrop was reflected in its Q1 2025 earnings, where despite a 30% year-over-year revenue increase to $214 million, the company posted a net loss of $533 million.

CEO Fred Thiel has long emphasized the company’s hybrid strategy of mining and direct Bitcoin purchases, viewing it as a way to optimize acquisition costs during price downturns.

“As a miner that mines and buys Bitcoin, the hybrid approach provides us significant flexibility to acquire Bitcoin at attractive prices,” Thiel stated in a December 2024 shareholder update.

MARA’s treasury strategy now places it second among public companies in terms of Bitcoin holdings, trailing only MicroStrategy, which currently owns 607,770 BTC, according to BitcoinTreasuries. MARA’s treasury stands at 50,000 BTC, underlining the scale and commitment of its digital asset strategy.

Convertible Notes: Structure and Purpose

The fundraising will be executed through zero-coupon convertible notes set to mature on August 1, 2032. These notes will not carry regular interest payments and can be converted by holders into cash, MARA common stock, or a combination thereof, at the company’s discretion.

To protect against equity dilution upon potential conversion, MARA plans to enter into capped call transactions, a common hedging practice in convertible offerings. The company also reserves the right to redeem the notes for cash beginning January 15, 2030, giving it flexibility depending on market and treasury conditions. Holders will maintain repurchase rights should MARA’s stock fall below predetermined thresholds.

This financial maneuver is designed not only to strengthen MARA’s position in the Bitcoin market but also to bolster its flexibility as it navigates the evolving mining economics.

Treasury Tactics Diverge Across Corporate Crypto Landscape

MARA’s focused Bitcoin strategy contrasts with increasingly diverse approaches among other corporate digital asset treasuries. While MARA continues to double down on BTC accumulation, a growing number of firms are experimenting with alternative models.

Recent data from BitcoinTreasuries shows that 275 companies now hold Bitcoin, with 23 new entries in the past month alone. However, not all are solely committed to Bitcoin.

Notably:

• Trump Media & Technology Group (TMTG) holds approximately $2 billion in Bitcoin and related assets, making up two-thirds of its liquid holdings. With 18,430 BTC, TMTG now ranks sixth globally among public Bitcoin holders.
• Bit Digital has pivoted away from Bitcoin entirely, selling 280 BTC to build a 100,000 ETH treasury aimed at staking rewards.
• BIT Mining is preparing a $200M–$300M capital raise to establish a Solana-based treasury, while other firms explore altcoin strategies including XRP, ADA, and emerging DeFi tokens, according to Animoca Brands Research.

These shifts suggest that corporate crypto treasuries are becoming more nuanced, with firms tailoring strategies around liquidity, yield potential, and long-term risk tolerance.

Market Skepticism and Legal Uncertainty Grow

Despite the growing popularity of crypto treasuries, critics warn of risks that may undermine long-term sustainability.

James Check of Glassnode has cautioned that Bitcoin treasury strategies might have a shorter shelf life than many corporate leaders expect. Similarly, VanEck’s Matthew Sigel has expressed skepticism over financing methods like at-the-market (ATM) equity issuances, which can lead to dilution when a company’s share price becomes tightly correlated with Bitcoin’s value.

Further compounding concerns, MicroStrategy—the leader in corporate Bitcoin holdings—faces class-action lawsuits accusing it of misleading investors about the profitability of its crypto-centric strategy. These developments have sparked broader questions about the future of digital assets as legitimate long-term treasury tools.

A Test of Corporate Crypto Commitment

MARA’s $850 million note offering represents one of the most substantial Bitcoin-aligned treasury expansions in the post-halving era. While it underscores the company’s confidence in the long-term value of Bitcoin, it also raises the stakes amid an increasingly complex—and controversial—landscape for corporate digital asset strategies.

Whether MARA’s bold hybrid approach will serve as a model or a cautionary tale remains to be seen. But in an industry shaped by volatility, innovation, and regulation, MARA is betting that scale, flexibility, and conviction will prove to be its greatest assets.