MARA, Riot Diverge on Bitcoin Mining Financing in Q2
Two of the largest U.S. Bitcoin mining giants took contrasting approaches to capital raising in Q2, with MARA (NASDAQ: MARA) ramping up equity issuance while Riot relied more on debt financing and Bitcoin sales.
MARA raised $204 million from stock sales during the quarter, more than doubling the $80 million raised in Q1, as it maintained its policy of retaining all mined Bitcoin in treasury. The company did not tap its interest-bearing credit facility in Q2, having already drawn $150 million in the first quarter, according to its Q2 filing.
After quarter-end, MARA executed a major financing move by issuing $1 billion in zero-coupon convertible notes due 2032.
Riot, by contrast, slowed its equity fundraising to $51 million in Q2 from $70 million in Q1, and sold 96.5% of its quarterly Bitcoin production — 1,377 BTC out of 1,427 BTC mined — to fund operating expenses.
Riot established an at-the-market offering program in August 2024 for raising up to $750 million. As of June 30, 2025, approximately $238.3 million were still available for sale under the program.
Riot also turned to debt, increasing its credit-based borrowings to $251 million in Q2 from zero in the prior quarter. Riot 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.
The contrasting financing strategies reflect different treasury philosophies: Marathon adheres to a “100% HODL” policy, using capital markets to fund operations and growth, while Riot has shifted toward a blend of Bitcoin sales and credit facilities to support growth.
