Two of the largest U.S. Bitcoin mining companies, MARA (formerly Marathon Digital) and Riot Platforms, adopted sharply contrasting capital raising strategies in the second quarter of 2025. MARA ramped up equity issuance while maintaining its '100% HODL' policy, whereas Riot sold the vast majority of its mined Bitcoin and leaned heavily on debt financing.
MARA: Doubled Equity Raise, Zero Bitcoin Sales
According to Q2 filings, MARA raised $204 million from stock sales during the quarter, more than double the $80 million raised in Q1. The company did not draw on its interest-bearing credit facility in Q2, having already taken $150 million in the first quarter. After the quarter ended, MARA executed a major financing move by issuing $1 billion in zero-coupon convertible notes due 2032, further strengthening its capital position.
Riot: Sells 96.5% of Mined Bitcoin, Boosts Debt
Riot, by contrast, slowed its equity fundraising to $51 million in Q2 from $70 million in Q1. It mined 1,427 BTC during the period but sold 1,377 BTC (96.5%) to fund operating expenses. Riot also turned aggressively to debt, increasing its credit-based borrowings from zero in Q1 to $251 million in Q2. The company 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. As of June 30, approximately $238.3 million remained available under its $750 million at-the-market offering program launched in August 2024.
Different Treasury Philosophies
The contrasting financing strategies reflect divergent treasury philosophies. MARA adheres to a '100% HODL' policy, using capital markets to fund operations and growth. Riot has shifted toward a blend of Bitcoin sales and credit facilities to support expansion. How these two approaches affect long-term resilience will be closely watched by the market. (Original article by Theminermag)