World’s Largest Bitcoin Miner MARA Raises $850M to Expand 50K BTC Treasury
Main Idea
MARA Holdings, the world's largest Bitcoin miner, raises $850 million to expand its Bitcoin treasury amid mining profitability pressures, with plans to potentially increase the offering to $1 billion.
Key Points
1. MARA Holdings announced a $850 million raise through zero-coupon convertible senior notes due 2032, with an option to increase the total to $1 billion.
2. The funds will be used to expand MARA's existing Bitcoin treasury of 44,893 BTC and repurchase $50 million of existing convertible notes due 2026.
3. The capital raise is a response to profitability pressures post-Bitcoin's April 2025 halving event, which reduced mining rewards while energy and equipment costs rose.
4. MARA reported a net loss of $533 million in Q1 2025 despite a 30% increase in mining output, highlighting industry challenges.
5. CEO Fred Thiel advocates a hybrid approach of mining and buying Bitcoin to acquire BTC at attractive prices.
Description
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 ...
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