Mara Holdings Secures $1B in Convertible Notes—Doubling Down on Bitcoin Bet

Another whale splashes into crypto waters. Mara Holdings just locked down $1 billion in convertible notes—fueling its aggressive Bitcoin accumulation strategy. Wall Street shrugs, blockchain cheers.

Why it matters: When institutional players drop ten-figure checks on BTC exposure, it’s either a masterstroke or a margin call waiting to happen. Spoiler: TradFi still doesn’t get the memo.

The playbook: Convertible notes let Mara hedge while keeping upside—smart move for volatile markets. Meanwhile, legacy finance keeps underwriting its own disruption. Classic.

Mara reiterated that BTC is central to its treasury strategy

In its latest remarks, the company reiterated that Bitcoin is central to its treasury strategy and that accumulating digital currency is a key part of its long‑term plan for growth.

This news follows Mara’s minority investment completion in Two Prime, an institutional adviser that oversees $1.75 billion in assets. The deal will significantly boost Bitcoin managed by Two Prime for Mara, the company said in a statement on Wednesday.

In early June, Mara reported that its Bitcoin output ROSE by 35 percent in May, despite ongoing higher difficulty in mining and a rising network hashrate. Figures from late May released by the company also showed its annual revenue from mining exceeded $752 million, setting a new record for its operations.

As of this publication, Mara is holding 50,000 BTC, serving as part of its digital asset reserve. With that amount, Mara ranks as the second-largest corporate BTC holder, behind Strategy, which reports 607,000 BTC in its own treasury.

The announcement follows a late‑March filing in which Mara said it had agreements with institutional investors to sell $2 billion of its stock. “We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” the firm added.

Trump Media acquired $2 billion in BTC again

Trump Media, the parent of Truth Social, acquired about $2 billion in BTC this week and related securities to solidify its position as a company with a crypto treasury. It also allocated roughly $300 million for securities related to Bitcoin.

Trump Media said it will continue adding to its Bitcoin holdings and may convert the company’s options into BTC based on the conditions of the market. In May, the firm joined a growing list of companies following the crypto treasury model from Michael Saylor’s Strategy.

PSQ Holdings, in which TRUMP Jr. serves as a member of the board, has also said that it will be exploring a treasury strategy involving digital assets.

“These assets help ensure our company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere,” said Devin Nunes, chief executive officer and president of Trump Media.

Based in Sarasota, Florida, Trump Media said it will use its BTC holdings to bring revenue. It may also purchase more crypto coins. Shares of Trump Media rose more than 7 percent following the announcement, though the company’s stock has fallen about 45 percent in 2025.

KEY Difference Wire helps crypto brands break through and dominate headlines fast