MARA Holdings Raises $850 Million to Buy Bitcoin

Who is MARA Holdings?

MARA Holdings, the world's largest publicly listed Bitcoin mining company, is a prominent name in the cryptocurrency industry, headquartered in Fort Lauderdale, Florida.

Formerly known as Marathon Digital Holdings, the company changed its name to MARA Holdings in August 2022, marking its transition from a traditional mining company to an integrated digital technology company focused on blockchain infrastructure and sustainable energy. MARA is the second-largest Bitcoin holder in the market, behind only MicroStrategy, with over 50,000 BTC, or approximately $5.9 billion.

On July 23, 2025, MARA announced plans to raise $850 million through the issuance of zero-coupon senior convertible bonds. The plan is intended to expand its Bitcoin holdings and meet other strategic objectives.

Fundraising Plan to Create a Bitcoin Reserve

The event began with an official announcement from MARA that the company intends to issue $850 million in convertible bonds due in 2032 to attract qualified institutional investors through a private placement under Section 144A. The bonds do not bear periodic interest and can be converted into MARA shares, cash, or both, at the company’s discretion.

Within thirteen days, the initial purchasers can choose to purchase an additional $150 million, bringing the total raised to $1 billion. To ease short-term debt pressure, approximately $50 million of the proceeds will be used to redeem a portion of the 1% convertible bonds due in 2026. The remainder will be allocated to activities such as additional Bitcoin purchases, debt repayments, capped call transactions (to reduce the risk of dilution), and normal business operations such as asset acquisitions or infrastructure expansion.

MARA has just reported that it mined 2,358 BTC in Q2 2025, bringing its total BTC holdings to 49,951 BTC and consolidating its position with 310,000 active miners. The move comes against this backdrop. In May 2025, the company hit a record 950 BTC mined, bringing its total BTC holdings to over 50,000 without selling anything.

Conclude

MARA Holdings’ plan to raise $850 million on July 23, 2025 is a bold move, affirming its ambition to become a leading “player” in the race to accumulate Bitcoin among listed companies. With a strategy combining mining and direct purchases, MARA not only consolidates its reserves but also shapes the trend of institutional investment in cryptocurrencies. However, success depends on the ability to manage financial risks, Bitcoin price volatility, and the regulatory environment. In a vibrant market with the participation of many companies, MARA faces great opportunities but also faces many challenges to maintain its position.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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