The offering includes $850 million due in 2032 and a $150 million optional extension. The company intends to use the proceeds to repurchase existing debt, execute capped call transactions, buy more Bitcoin, and support general operations. This latest offering follows a $2 billion stock sale plan that was announced earlier this year and the recent acquisition of a minority stake in institutional advisor Two Prime. With 50,000 BTC, Mara is now the second-largest corporate holder of Bitcoin. Meanwhile, a growing number of more traditional companies from various industries are adding crypto to their treasuries, though analysts warn of high risks, especially for firms holding altcoins.
Mara Ramps Up Bitcoin Push
Mara Holdings, one of the largest publicly traded crypto mining companies, announced that it plans to offer up to $1 billion in convertible senior notes as the next step in its aggressive Bitcoin acquisition strategy. The offering includes $850 million in notes due in 2032, which will be available to qualified institutional buyers.
Additionally, these buyers will have the option to purchase an extra $150 million in principal, bringing the total potential raise to $1 billion. According to the company, a portion of the proceeds—up to $50 million—will be used to repurchase part of its outstanding 1.00% convertible senior notes due in 2026. The remainder of the capital is expected to fund capped call transactions, purchase more Bitcoin, and support general corporate initiatives.
The notes are senior unsecured obligations of Mara Holdings, and will not bear interest. However, the offer remains subject to prevailing market and other conditions. This means that there is no guarantee the deal will be completed or finalized under the current terms.
Press release (Source: MARA Holdings)
This debt offering is the latest in a series of strategic financial maneuvers by the company that are specifically aimed at scaling its Bitcoin reserves and mining operations. In late March, Mara disclosed plans to sell up to $2 billion in stock “from time to time” through agreements with institutional investors, with proceeds primarily used for expanding its Bitcoin holdings.
The announcement was also made after the company's recent acquisition of a minority stake in Two Prime, an institutional investment advisor managing $1.75 billion in assets. This deal effectively boosted the amount of Bitcoin managed on Mara’s behalf.
Additionally, Mara’s mining operations showed some remarkable growth. The company increased its Bitcoin production by 35% in May despite heightened mining difficulty and rising hashrates. Its annualized mining revenue recently surpassed $752 million, a new record.
Mara Bitcoin holdings over time (Source: BitcoinTreasuries.NET)
Currently, Mara Holdings holds 50,000 BTC, making it the second-largest corporate Bitcoin holder after Strategy, which holds an industry-leading 607,000 BTC.
Crypto Treasuries Rise, But Risks Mount
A growing wave of more traditional companies are beginning to incorporate digital assets into their corporate treasury strategies. This is very likely due to the shift in how businesses perceive the role of cryptocurrencies in financial management.
This trend gained a lot of momentum, with firms across a wide range of industries—from agriculture to textiles—announcing crypto allocations this week alone. Among them, agricultural technology company Nature’s Miracle revealed that it will allocate up to $20 million to XRP. On the same day, consumer manufacturing firm Upexi disclosed it acquired 83,000 Solana (SOL) tokens, worth approximately $16.7 million, for its corporate reserve. A day earlier, Kitabo, a Japanese company that was founded nearly 80 years ago and known for its work in textiles and recycling, announced plans to purchase around $5.6 million in Bitcoin.
Press release from Upexi
These moves are part of the broader trend driven by the growing appeal of digital assets as a hedge or diversification strategy in treasury portfolios. Bitcoin is often seen as the anchor asset in this trend, and still attracts attention from publicly listed companies.
However, analysts warn that while the allure of digital asset holdings is strong, it still comes with big risks. According to a report from venture capital firm Breed, only a small number of Bitcoin treasury companies are expected to survive long-term. The report warns that even minor declines in Bitcoin’s price could trigger a cascade of forced sales among overleveraged firms, which could lead to a feedback loop of declining prices and reduced access to corporate credit. This “death spiral” scenario is seen as a key systemic risk.
Crypto treasury ‘death spiral’ (Source: Breed)
The situation is even more precarious for companies holding altcoins, which often experience extreme drawdowns of up to 90% between cycles and lack the long-term floor that Bitcoin tends to have. These firms could face not only market volatility but also potential investor lawsuits if digital assets underperform or if their traditional financial metrics, like share prices, deteriorate.
According to content creator Viktor, altcoins tend to collapse when market momentum fades, while Bitcoin has historically rebounded over time. This distinction may become increasingly important as more companies navigate the uncertain terrain of crypto-based treasury strategies.
