Marathon Digital Holdings Inc. (NASDAQ: MARA) announced a groundbreaking $850 million private placement of zero-coupon convertible notes, maturing in 2032. This marks the largest fundraising event in the crypto sector during the week of July 28 to August 2.
The offering, available exclusively to qualified institutional buyers, includes a $150 million upsell option, which could potentially push the total raise near $1 billion. Conversion terms are tied to MARA’s stock performance, offering investors a strategic mechanism aligned with the company’s long-term equity trajectory. The proceeds from this fundraising will be primarily allocated towards Bitcoin acquisitions, with a smaller portion used for debt refinancing and equity hedges via capped call transactions.
This move underscores Marathon’s focus on treasury optimization and capital efficiency. The fundraising momentum extended beyond Marathon. Mill City Ventures secured $450 million through a private placement of 76.3 million SUI tokens.
Acquired at an average price of $3.64, these tokens, supported by a hedge fund and the Sui Foundation, reflect Mill City’s pioneering crypto treasury strategy. Meanwhile, FG Nexus, formerly known as Fundamental Global, announced a $200 million private placement to fund Ethereum (ETH) purchases.
marathon raises $950 million
This investment is part of a broader strategy involving staking and DeFi yield opportunities. FG Nexus aims to secure 40 million ETH, positioning itself as a significant player in corporate Ethereum adoption. An additional ETH Strategy campaign raised approximately $46.5 million (12,342 ETH) through various sales offerings.
A large portion of these funds will be allocated to staking and protocol liquidity, reflecting a structured approach to capital deployment and community governance. Subzero Labs, an infrastructure startup, raised $20 million in a funding round led by Pantera Capital. Supported by Coinbase Ventures and Mysten Labs, Subzero Labs is launching Rialo, a decentralized infrastructure network.
Rialo aims to simplify decentralized app development with features such as native web connectivity and scalability. The platform’s integration of RISC-V architecture and Solana VM compatibility enables seamless deployment of existing programs. Other notable fundraisers included Billions Network, which secured $30 million to scale its AI identity verification platform designed for Web3, and Stable, which raised $28 million in seed funding.
RD Technologies also raised $40 million in Series A2 funding ahead of Hong Kong’s stablecoin licensing framework. These substantial fundraising rounds highlight growing institutional confidence in blockchain infrastructure, on-chain treasuries, and regulatory-aligned blockchain solutions. While market conditions remain dynamic, the strategic allocation of capital toward Bitcoin, Ethereum, and utility-driven Layer 1s indicates a maturing ecosystem that prioritizes scalability, security, and regulatory alignment.