tl;dr
Top Bitcoin miner MARA plans to raise $850 million through a private sale of 0% convertible senior notes due in 2032 to acquire more Bitcoin. Based in Fort Lauderdale, Florida, MARA holds 50,000 BTC, valued at about $5.9 billion, making it the second-largest corporate Bitcoin holder. The company fol...
Top Bitcoin miner MARA, formerly known as Marathon Digital, is planning to raise $850 million to acquire additional Bitcoin, according to a recent filing with the Securities and Exchange Commission. The company, which holds the title as the largest miner by market capitalization, intends to generate funds through a private sale of 0% convertible senior notes due in 2032, targeting institutional investors.
Based in Fort Lauderdale, Florida, MARA currently holds 50,000 BTC—valued at approximately $5.9 billion at today’s prices—making it the second-largest corporate Bitcoin holder after Strategy, a software firm and pioneer in the Bitcoin treasury space. Bitcoin miners like MARA earn new Bitcoin as rewards for verifying transactions on the network, but while many miners sell these coins to cover operational costs, MARA has adopted a “HODL strategy,” emphasizing their intention to retain newly mined coins rather than selling them.
This fundraising move aligns with MARA’s broader strategy and that of similar companies that issue private offerings to accumulate Bitcoin, motivated by the belief that its value will appreciate over the long term, maximizing shareholder returns. Despite this ambitious plan, MARA's stock experienced a sharp decline, dropping more than 10% to $17.80 per share on Wednesday. However, the company’s stock remains robust, having gained over 25% in the past month.