Two of the largest U.S. Bitcoin mining giants took contrasting approaches to capital raising in the second quarter of 2025, reflecting divergent treasury philosophies. MARA Holdings ramped up equity issuance and issued a $1 billion zero-coupon convertible note without selling any mined Bitcoin, while Riot Platforms slowed equity fundraising, sold the vast majority of its quarterly Bitcoin production, and turned heavily to debt financing.
MARA: Equity Dilution and Zero-Coupon Convertibles to Preserve Bitcoin Holdings
According to MARA's Q2 filing, the company raised $204 million from stock sales during the quarter, more than doubling the $80 million raised in the first quarter. MARA maintained its policy of retaining all mined Bitcoin in its treasury, not tapping its interest-bearing credit facility after drawing $150 million from it in Q1.
After the quarter ended, MARA executed a major financing move by issuing $1 billion in zero-coupon convertible notes due 2032. The proceeds are expected to be used for general corporate purposes, including potential Bitcoin acquisitions. This aggressive equity-capital approach allows MARA to grow its Bitcoin reserves without selling any of its mined coins, embodying its “100% HODL” strategy.
Riot: Reduced Equity Raise, Bitcoin Sales, and Credit Facility Expansion
Riot Platforms took a different path. Its equity fundraising slowed to $51 million in Q2 from $70 million in Q1. The company also sold 1,377 BTC out of the 1,427 BTC it mined during the quarter — a staggering 96.5% of its production — to fund operating expenses.
On the debt side, Riot increased its credit-based borrowings from zero in Q1 to $251 million in Q2. The miner first entered into a $100 million credit facility with Coinbase in April, later upsizing the commitment to $200 million, which it fully drew by the end of Q2. Riot also maintained its at-the-market offering program established in August 2024 for raising up to $750 million; as of June 30, approximately $238.3 million remained available for sale under the program.
Divergent Treasury Philosophies Reflected in Financing Choices
The contrasting strategies highlight two prevailing financial philosophies among publicly traded Bitcoin miners. MARA adheres to a “Bitcoin-first” treasury policy, using capital markets to raise funds while never selling its mined Bitcoin. This approach preserves upside exposure to Bitcoin’s price appreciation but dilutes existing shareholders.
Riot, on the other hand, has shifted toward a more pragmatic mix of Bitcoin sales and credit facilities to support growth and operational liquidity. By selling nearly all of its weekly production, Riot ensures steady cash flow for mining operations and expansion projects, though it forgoes potential future gains from holding Bitcoin.
As the post-halving era compresses mining margins, both strategies come with distinct risks and rewards. MARA’s heavy reliance on equity and convertibles increases leverage on its share price and requires continual market access. Riot’s reliance on Bitcoin sales and debt makes it more sensitive to Bitcoin price volatility and interest rate changes. Which approach will ultimately prove more resilient remains an open question for investors.