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Marathon Digital Holdings to Raise $850 Million in Convertible Notes to Expand Bitcoin Reserves
Marathon Digital Holdings (NASDAQ: MARA), the largest Bitcoin (BTC) mining company in the world, has announced plans to raise an impressive $850 million to bolster its Bitcoin holdings. The funding will be sourced via zero-coupon convertible notes, set to mature in 2032.
Marathon’s Ambitious Funding Plan to Strengthen Bitcoin Portfolio
On October 23, Marathon Digital detailed plans for a private placement of $850 million in zero-coupon convertible notes, as outlined in a press release referenced by CoinGape. These notes include an option for early investors to purchase up to an additional $150 million worth, potentially increasing the total funds raised to $1 billion.
As per filings with the U.S. Securities and Exchange Commission (SEC), only qualified institutional investors are permitted to participate in this offering. The mining behemoth plans to allocate $50 million from the proceeds to repay outstanding debt tied to its 2026 convertible notes. The remaining funds will support strategic initiatives such as Bitcoin acquisitions, debt reduction, hedging transactions, and other general corporate expenditures.
Marathon clarified that the issuance of these convertible notes and their terms remain dependent on market conditions. As of now, the final execution is yet to be formalized.
Short-Term Stock Dip Versus Long-Term Growth Trend
Despite announcing this significant capital-raising effort, Marathon's stock price fell by 5.79% on the day of the news. After closing at $19.88, the stock dropped to $18.73 in pre-market trading. However, broader trends depict a positive outlook for the company, with Marathon’s stock climbing 5% over the past five days and posting an impressive 38% surge over the last 30 days.
Marathon: A Bitcoin Mining and Holdings Powerhouse
Marathon Digital holds an astonishing 50,000 Bitcoin, worth approximately $5.9 billion at current market rates, solidifying its position as the single largest BTC-holder among publicly traded companies, second only to MicroStrategy in total Bitcoin holdings. The company initially announced achieving the 50,000 Bitcoin milestone this past May.
In January 2025, Marathon publicly backed former President Donald Trump’s Bitcoin Reserve Strategy (BRS), promising to support its rollout across the United States at both federal and state levels. CEO Fred Thiel reiterated the company’s mission to drive the widespread adoption of BRS nationwide.
SEC disclosures from Q2 2025 reveal that Marathon operates an active fleet of 310,000 Bitcoin mining rigs. During the quarter, the company mined 2,358 BTC, recording a daily average of 25.9 BTC and claiming 5.7% of global mining rewards. Across the first half of 2025, Marathon successfully mined 4,644 BTC and secured a total of 1,360 blocks.
Of its 50,000 BTC reserves, some are leveraged through lending agreements, collateral arrangements, and other asset management strategies.
This development underscores Marathon Digital Holdings’ continued power move to expand its Bitcoin reserves through convertible debt. As the company pursues growth and retains market dominance in cryptocurrency mining, investors are sure to follow this fundraising initiative with interest, given its potential impact on the broader market and industry trends.
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