Key Takeaways
- MARA Holdings raised $950 million through zero-interest convertible notes to buy more Bitcoin and for corporate use.
- Part of the funds will also be used for debt repurchase and financial strategies like capped call transactions.
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MARA Holdings announced Monday that the company had completed a $950 million offering of zero-interest convertible senior notes. The proceeds will be used primarily to acquire Bitcoin and support general corporate activities.
MARA Completes Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032 https://t.co/QzQhbkDRlH
— MARA (@MARA) July 28, 2025
The deal was upsized from an initial target of $850 million, reflecting strong demand from institutional investors. MARA also granted initial purchasers a 13-day option to buy up to an additional $200 million in notes.
MARA received approximately $940 million in net proceeds after deducting initial purchasers’ discounts and commissions. Of that, the company used over $18 million to repurchase $19 million in 2026 convertible notes and allocated approximately $37 million toward capped call hedges to mitigate potential dilution.
The remaining proceeds are expected to support MARA’s core Bitcoin acquisition strategy, along with general corporate purposes. These may include working capital, strategic acquisitions, asset expansion, and repayment of other outstanding obligations, the company stated.
MARA currently holds approximately 50,000 Bitcoin, valued at around $6 billion based on current market prices. The anticipated purchase following the completion of its note offering is set to reinforce its position as the second-largest corporate Bitcoin holder.
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