Bitcoin mining firm MARA Holdings is reportedly planning to raise $850 million through convertible notes to expand mining operations and increase Bitcoin holdings, according to industry sources. The offering includes an option for investors to purchase an additional $150 million within two weeks, potentially totaling $1 billion. Funds would upgrade mining equipment, secure energy resources, and acquire more BTC to capitalize on potential price appreciation.
CEO Fred Thiel addressed rumors but provided no official confirmation, despite recently highlighting MARA's record May performance: 282 blocks mined (a 38% monthly increase) and holdings exceeding 49,000 BTC. The company's $20 million investment in Two Prime aligns with existing yield strategies, yet the unverified $850M plan raises questions about crypto sector liquidity.
Analysts note parallels to MicroStrategy's Bitcoin accumulation tactics, suggesting successful fundraising could boost BTC demand and valuations. However, risks include market-dependent execution, shareholder dilution from note conversions, and Bitcoin's price volatility. Regulatory scrutiny may follow if the move materializes.