The zero-coupon notes, maturing in 2032, were sold privately to institutional investors and generated net proceeds of approximately $940.5 million.
A portion of the funds—$18.3 million—was used to repurchase existing 2026 notes, while $36.9 million was spent on capped call transactions to reduce potential dilution. The remainder will support strategic initiatives, including further Bitcoin acquisitions and corporate expansion.
MARA stated it intends to use a significant part of the capital to accumulate more Bitcoin, reinforcing its long-term strategy to hold BTC as a treasury asset. With 50,000 BTC already in its possession—valued at $5.92 billion—the company trails only Strategy, which holds an industry-leading 628,791 BTC.
This aggressive capital move signals MARA’s growing confidence in Bitcoin’s long-term value, especially as institutional interest in the asset class continues to rise. By converting debt into crypto reserves and infrastructure investments, MARA positions itself as both a mining powerhouse and a digital asset treasury giant.
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