MARA Holdings has completed a $950 million offering of zero-interest convertible senior notes due in 2032. Originally targeted at $850 million, the deal was upsized due to strong demand from institutional investors. Purchasers were also granted a 13-day option to buy up to an additional $200 million in notes.

MARA received approximately $940 million in net proceeds after deducting initial purchasers’ discounts and commissions. Of that, over $18 million was used to repurchase $19 million of 2026 convertible notes, and about $37 million was allocated to capped call hedges to help prevent dilution. The remaining funds will support MARA’s core Bitcoin acquisition strategy and general corporate needs, including working capital, strategic acquisitions, asset expansion, and debt repayment.

With nearly 50,000 Bitcoin valued at around $6 billion, MARA is already the second-largest corporate Bitcoin holder. This new funding will further strengthen its position in the crypto space, signaling strong institutional confidence in Bitcoin’s long-term value.

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