Bitcoin News Today: MARA Raises $950M via Convertible Notes, Boosts BTC Holdings, Sparks JPMorgan Upgrade

MARA Holdings Inc., a prominent Bitcoin miner, has completed a $950 million private offering to enhance its Bitcoin purchasing power, surpassing its initial target of $850 million. The funds will be allocated toward Bitcoin acquisitions and debt repayment, with the offering structured as 0% convertible senior notes maturing in 2032, primarily targeting institutional investors. This strategic move aligns with MARA’s long-term vision of leveraging Bitcoin’s potential while improving financial flexibility [1]. The company, previously known as Marathon Digital, now holds 50,000 BTC—valued at $5.8 billion—making it the second-largest corporate holder of Bitcoin after MicroStrategy, according to bitcointreasuries.net [1].

MARA’s decision to adopt a “HODL” strategy—refusing to sell newly mined Bitcoin—differentiates it from many peers who liquidate holdings to cover operational costs. This approach underscores its confidence in Bitcoin’s long-term value, a stance reinforced by the recent fundraising. The company’s aggressive capital deployment has drawn attention, with JPMorgan upgrading its stock rating to Overweight from Neutral and raising its price target to $22.00 from $19.00. The upgrade coincided with a nearly 3% premarket stock surge, attributed to improved hashrate projections and retail investor enthusiasm [4].

The fundraising reflects broader trends in the Bitcoin mining sector. June saw mining profitability rise over 5% amid a declining global hashrate and a BTC price rebound to nearly $118,000. MARA’s hashrate dominance—57.4 EH/s—positions it to capitalize on these conditions, having mined 713 BTC in recent months [7]. However, challenges persist, including the 2024 halving that cut block rewards in half and rising competition. Some miners, like BitMine Immersion and Bit Digital, have diversified into Ethereum treasuries or AI ventures to offset Bitcoin mining risks [1].

MARA’s capital structure optimization includes repaying $50 million in existing obligations, reducing immediate liquidity pressures. The remaining funds will bolster its Bitcoin reserves, aligning shareholder interests with the cryptocurrency’s performance. Analysts note that the firm’s execution risks remain, particularly if BTC prices experience short-term volatility. Despite a 10% stock decline over five days and a 16% annual drop, MARA’s stock has seen a 102% surge in retail investor chatter in 24 hours, reflecting polarized market sentiment [6].

The private offering structure—convertible notes with no coupon—offers MARA flexibility to benefit from Bitcoin’s price appreciation without diluting equity. This strategy mirrors industry peers seeking leverage against fiat volatility, though it requires careful balance to avoid liquidity strains. As the sector consolidates, companies with robust operational metrics and diversified funding sources are likely to outperform, according to market observers [7].

Sources:

[1] [Bitcoin Miner MARA Boosts BTC Buying Power With Nearly $1 Billion Raise](https://decrypt.co/332159/bitcoin-miner-mara-boosts-btc-buying-power-nearly-1-billion)

[4] [MARA Stock Rating Upgraded by JPMorgan on Improved Hashrate Targets](https://www.investing.com/news/analyst-ratings/mara-stock-rating-upgraded-by-jpmorgan-on-improved-hashrate-targets-93CH-4155268)

[5] [MARA Holdings Raises $950M via Convertible Notes for Bitcoin Purchases](https://m.economictimes.com/crypto-news-today-live-28-jul-2025/liveblog/122939448.cms)

[6] [JPMorgan Upgrade Ignites Retail Buzz on MARA Stock](https://in.investing.com/news/stock-market-news/a-jpmorgan-upgrade-of-this-bitcoinlinked-stock-has-ignited-retail-buzz-on-stocktwits-more-details-inside-4930080)

[7] [Mining Profitability Climbed Over 5% in June](https://www.coindesk.com/markets/2025/07/28/mining-profitability-climbed-over-5-in-june-as-hashrate-fell-btc-price-rose-jefferies)