Overview

• MARA completed a $950 million zero-interest convertible senior note offering due 2032, upsized from an initial $850 million target and including a 13-day option to issue an additional $200 million.
• Net proceeds of about $940 million will fund further Bitcoin purchases, retire roughly $19 million of 2026 notes and finance approximately $37 million in capped-call hedges to limit dilution.
• The company now holds nearly 50,000 BTC, valued at around $6 billion, cementing its status as the second-largest corporate Bitcoin treasury.
• In Q2, MARA reported revenue of $238.5 million and earnings per share of $1.84, surpassing forecasts and delivering $808 million in net income aided by unrealized Bitcoin gains.
• Cantor Fitzgerald and JPMorgan upgraded their ratings to Overweight with raised price targets, highlighting MARA’s move to a vertically integrated mining model and its 75 EH/s year-end hashrate goal.