MARA Raises $940 Million to Buy More Bitcoin

Marathon Digital, better known as MARA, just pulled in nearly a billion dollars through a fresh fundraising round—one that signals even more commitment to Bitcoin.

The company confirmed it wrapped up a larger-than-planned sale of convertible senior notes, locking in $950 million in principal value. After expenses, it walked away with around $940.5 million in net proceeds.

Good to know

• MARA now holds 50,000 BTC, second only to Strategy, which tops the list with 628,791 BTC.
• The 0% notes are due in 2032 and were privately sold to institutional investors.
• A portion of the funds has already been used to repurchase older debt and hedge risk through capped calls.

The notes were issued with a 0% interest rate and are set to mature in 2032. The offering, completed on July 25, was aimed squarely at large institutions and took place as a private placement, not a public sale.

Of the proceeds, MARA spent $18.3 million to buy back roughly $19.4 million of its earlier 1% notes set to mature in 2026. Another $36.9 million went toward capped call transactions—financial instruments that limit dilution risk for shareholders if the stock rises.

The company plans to use the rest of the funds in a variety of ways, including adding more Bitcoin to its treasury. It’s part of a bigger push to strengthen its balance sheet and long-term crypto positioning. In its official statement, the company said:

“MARA expects to use the remainder of the net proceeds to acquire additional Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.”

Marathon has made no secret of its strategy to build a serious Bitcoin reserve. According to BitcoinTreasuries.net, the Florida-based miner currently holds 50,000 BTC—worth about $5.92 billion—making it the second-largest holder among public companies. Strategy remains in the lead, holding more than 628,000 BTC valued at over $74 billion.