Bitcoin mining giant MARA Holdings has executed a major strategic move by raising $950 million through convertible senior notes, signaling a strong commitment to increasing its Bitcoin reserves. The firm, which already ranks as the second-largest public Bitcoin holder globally, plans to allocate a substantial portion of these funds directly into new BTC purchases.
Bitcoin Holdings Near $6 Billion
MARA currently holds approximately 50,000 BTC, estimated at a market value close to $6 billion. This places it just behind the top corporate Bitcoin holder in terms of total BTC owned.
The newly issued notes, due in 2032, come with a 0.00% coupon rate, allowing MARA to raise capital without incurring interest expenses—an efficient financial strategy that reflects strong investor trust in the company’s long-term outlook.
The net proceeds of $940.5 million will be used to purchase more Bitcoin and to retire $19.4 million in older 1.00% notes due 2026.
Convertible Notes Expand Bitcoin Strategy
The offering could grow to $1.15 billion, pending full exercise of the underwriters’ option. MARA’s move comes amid rising institutional interest in Bitcoin and a broader trend of corporations treating digital assets as treasury reserve strategies.
This strategic expansion reflects continued confidence in Bitcoin’s long-term value and utility as a store of value in a volatile macroeconomic environment.
Institutional Bitcoin Demand Rising
This financing round follows a series of similar moves by major corporations and investment firms seeking exposure to Bitcoin. With BTC trading at historically high levels in 2025, institutional positioning has become increasingly aggressive.
MARA’s aggressive stance mirrors growing trends in Bitcoin adoption as a reserve asset. The company’s approach, backed by zero-coupon debt issuance, allows it to leverage capital markets to deepen its crypto exposure without diluting equity or increasing operational cost burdens.
With nearly $6 billion in BTC and more on the way, MARA is solidifying its role as a central institutional player in the digital asset economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.