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World’s Largest Bitcoin Miner MARA Raises $850M to Expand 50K BTC Treasury Bitcoin MARA

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MARA Holdings, the world’s largest Bitcoin mining company, announced plans to raise $850 million through zero-coupon convertible senior notes due 2032 to expand its existing treasury of 44,893 BTC.

According to its official press release, the Miami-based digital energy company expects to grant initial purchasers an additional $150 million option, potentially bringing the total offering to $1 billion.

MARA will allocate up to $50 million of net proceeds to repurchase existing 1.00% convertible senior notes due 2026, while dedicating the remainder to Bitcoin purchases, capped call transaction costs, and general corporate purposes.

The convertible notes will carry no regular interest payments and mature on August 1, 2032, with holders gaining conversion rights into cash, MARA common stock, or a combination at the company’s discretion.

Strategic Treasury Expansion Amid Mining Headwinds

The capital raise represents MARA’s response to mounting profitability pressures following Bitcoin’s April halving event, which cut mining rewards in half while energy and equipment costs continue to rise.

MARA’s Q1 2025 results revealed these industry challenges, with the company reporting a net loss of $533 million despite achieving a 30% increase in revenue to $214 million.

CEO Fred Thiel has previously advocated for a hybrid approach combining mining operations with strategic Bitcoin purchases during market declines to optimize acquisition costs.

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

Divergence in Digital Treasury Strategies as Corporate Adoption Accelerates

MARA’s Bitcoin-focused approach contrasts sharply with emerging trends in treasury diversification among public companies entering the digital asset space.

Over 273 companies now maintain Bitcoin on their balance sheets, up from 124 companies as of June, according to BitcoinTreasuries data. Yet, corporate strategies increasingly diverge from simple Bitcoin accumulation.

NYSE-listed Sequans Communications recently purchased 1,264 Bitcoin for $150 million, bringing its total holdings to 2,317 BTC as part of a pure Bitcoin treasury strategy similar to MARA’s approach.

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