World’s largest Bitcoin BTC $124 399 24h volatility: 1.1% Market cap: $2.48 T Vol. 24h: $49.94 B miner Marathon Digital (NASDAQ: MARA) announced the closure of its upsized offering of 0.00% convertible senior notes due 2032. The company has raised a massive $950 million for fresh Bitcoin purchases.

MARA stock gained 3% in the pre-market hours on July 28 following this announcement.

Marathon Digital Prepares for Major Bitcoin Purchase

The Bitcoin miner will use the raised funds for a range of purposes, including the repurchase of existing debt, capped call transactions, additional Bitcoin acquisitions, and general corporate activities.

The notes may be converted into cash, shares of Marathon Digital’s (MARA) common stock, or a combination of both. The initial conversion rate is set at 49.3619 shares per $1,000 principal amount of notes, implying an initial conversion price of approximately $20.26 per share. Note that MARA stock is currently trading at above $17.

Bitcoin miner Marathon Digital is currently the second-largest Bitcoin treasury firm, after Michael Saylor’s Strategy. The company holds 50,000 BTC as part of its strategic reserves.

JPMorgan Upgrades MARA Stock

Analysts at JPMorgan have upgraded MARA stock from Neutral to Overweight, while raising its price target to $22, from $19. The upgrade reflects JPMorgan’s view that Marathon Digital’s share price undervalues the company’s updated year-end 2025 hashrate target of 75 exahashes per second (EH/s).

JPMorgan highlighted that Marathon Digital’s “infrastructure-light approach” has traditionally prioritized allocating capital toward revenue-generating assets like ASIC miners over building out power infrastructure and data centers.

This strategy led to higher mining costs due to hosting fees and high power prices. Meanwhile, Marathon Digital has started operating its own facilities through some key acquisitions. This could have a positive impact on the company’s revenue, and in turn, the MARA stock price.

Another investment banking firm Piper Sandler has also upgraded the MARA stock price target to $26, while maintaining an Overweight rating. Piper attributed the upgraded target to Marathon Digital’s dedicated focus on Bitcoin mining and its substantial Bitcoin treasury holdings.

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