MARA Plans to Raise Up to $850 Million to Expand Its Bitcoin Portfolio
Date: 2025-07-24 Author: Gabriel Deangelo Categories: BUSINESS
Mara (formerly known as Marathon Digital) plans to issue up to $850 million in convertible senior notes due 2032. The notes are priced at a discount and do not pay dividends, making them attractive to investors looking for long-term investments. In addition, MARA plans to offer an additional $150 million call option, which could bring the total funding to $1 billion.
A portion of the proceeds, up to $50 million, will be used to repurchase previously issued notes due 2026, with an annual coupon rate of 1%. The bulk of the raised capital will be used for the company's corporate needs, including the purchase of additional bitcoins to expand its portfolio.
To date, MARA ranks fourth among public and private companies in terms of the volume of bitcoin assets controlled, making it one of the largest players in the market. Despite plans to increase funding, the company's shares responded to the news by falling by more than 9% on the Nasdaq exchange, which experts attribute to investor concerns about the possible dilution of shares of existing shareholders.
The idea of using debt instruments to constantly acquire bitcoins was popularized by Strategy, the largest public holder of the first cryptocurrency. However, many analysts warn of the risks of this approach, including limited liquidity and high sensitivity to fluctuations in the bitcoin exchange rate.
At the same time, MARA intends to continue developing its mining infrastructure and increase the hash rate to 75 EH / s by the end of 2025, despite some deterioration in operating indicators in June. This confirms the seriousness of the company's intentions to strengthen its position in the market and expand cryptocurrency mining.
Thus, attracting up to $850 million will allow MARA not only to strengthen financial stability, but also to increase its bitcoin reserves, which in the long term should increase the company's competitiveness and value in the crypto market.
