Two of the largest U.S. Bitcoin mining firms, MARA (formerly Marathon Digital Holdings) and Riot Platforms, pursued sharply different financing strategies in the second quarter of 2025. MARA aggressively ramped up equity issuance while preserving its '100% HODL' treasury policy, whereas Riot moderated equity offerings and turned to a combination of Bitcoin sales and debt facilities to fund operations and growth.
MARA: Equity Surge and Landmark Convertible Note
According to MARA's Q2 filing, the company raised $204 million from stock sales during the quarter, more than double the $80 million raised in Q1. Notably, MARA did not tap its interest-bearing credit facility in Q2, having previously drawn $150 million in the first quarter. Shortly after the quarter ended, MARA executed a major financing move by issuing $1 billion in zero-coupon convertible notes due 2032.
MARA adhered to its policy of retaining all mined Bitcoin in treasury, meaning it relies entirely on capital markets—equity and convertibles—to cover operational expenses and fund expansion without selling any of its Bitcoin reserves.
Riot: Slower Equity, Increased Debt and Bitcoin Sales
Riot's approach was more measured on the equity front. The company raised $51 million from equity in Q2, down from $70 million in Q1. To fund operating expenses, Riot sold 96.5% of its quarterly Bitcoin production—1,377 BTC out of 1,427 BTC mined—during the quarter.
Riot established an at-the-market (ATM) offering program in August 2024 for up to $750 million. As of June 30, 2025, approximately $238.3 million remained available under the program. The company also leaned heavily on debt, increasing its credit-based borrowings from zero in Q1 to $251 million in Q2. Riot first entered into a $100 million credit facility with Coinbase in April, later upsizing the commitment to $200 million, which it has fully drawn.
Contrasting Treasury Philosophies
The diverging financing strategies reflect fundamentally different views on treasury management. MARA's '100% HODL' policy uses capital markets to fund operations, allowing its Bitcoin holdings to grow continuously without ever selling. In contrast, Riot has shifted toward a blended model that combines periodic Bitcoin sales with credit facilities to support growth and liquidity.
Each strategy carries distinct trade-offs. MARA's approach maximizes exposure to Bitcoin's potential upside but increases reliance on equity dilution and eventual debt repayment. Riot's hybrid model reduces balance-sheet risk during Bitcoin price downturns but forfeits some long-term appreciation. As institutional mining competition intensifies, the different paths chosen by these two industry giants will offer valuable lessons for the sector.