Two of the largest U.S. Bitcoin mining companies, MARA (formerly Marathon Digital) and Riot Platforms, took sharply contrasting approaches to capital raising in the second quarter of 2025, according to their latest quarterly filings. The divergence reflects fundamentally different treasury management philosophies amid a post-halving environment where margins are squeezed and access to capital becomes critical.
MARA: Ramping Up Equity Issuance While Holding All Mined Bitcoin
MARA raised $204 million from stock sales during Q2 2025, more than doubling the $80 million raised in the first quarter. The company continued its policy of retaining all mined Bitcoin in its treasury, selling zero coins during the period. Notably, MARA did not tap its interest-bearing credit facility in Q2, having already drawn $150 million in Q1. After the quarter ended, the miner executed a major financing move by issuing $1 billion in zero-coupon convertible notes due 2032, further bolstering its cash position for future growth and potential acquisitions.
Riot: Selling Bitcoin Production and Turning to Debt
Riot took a different path, slowing its equity fundraising to $51 million in Q2 from $70 million in Q1. To fund operating expenses, the company sold 1,377 of the 1,427 BTC it mined during the quarter, representing 96.5% of its production. At the same time, Riot significantly expanded its debt financing, increasing credit-based borrowings from zero in Q1 to $251 million by the end of Q2. The miner first entered into a $100 million credit facility with Coinbase in April, later upsizing the commitment to $200 million, which it has now fully drawn. Riot also maintains an at-the-market (ATM) offering program established in August 2024 for up to $750 million; as of June 30, 2025, approximately $238.3 million remained available under the program.
Divergent Treasury Philosophies Reflect Broader Industry Trends
The contrasting strategies illustrate two prevailing approaches among Bitcoin miners in the current cycle. MARA adheres to a '100% HODL' policy, using capital markets—equity and convertible debt—to fund operations and expansion while maximizing long-term exposure to Bitcoin's upside. This approach appeals to investors who view miners as a proxy for Bitcoin itself. Riot, on the other hand, prioritizes liquidity and flexibility, selling most of its newly mined Bitcoin to cover costs and leveraging debt to finance growth without excessive dilution. By using a mix of Bitcoin sales and credit facilities, Riot aims to maintain operational stability and preserve shareholder value in a volatile market. Neither strategy is inherently superior, but both highlight how large-scale miners are actively adjusting their capital structures to navigate the post-halving landscape, where block rewards are halved and energy costs remain high.