MARA Plans $850M Raise to Expand Bitcoin Holdings

MARA Holdings announced plans to raise $850 million through a private offering of zero-coupon convertible senior notes due in 2032. Qualified institutional buyers will have a 13-day option to purchase an additional $150 million, potentially lifting the total financing to $1 billion.

The notes, convertible into cash, shares, or a combination of both, won't bear regular interest, and MARA can redeem the notes starting January 15, 2030. Investors can demand cash repurchases if MARA's stock trades below conversion price levels on January 4, 2030.

MARA intends to use up to $50 million of proceeds to repurchase existing convertible notes due in 2026, with remaining funds earmarked for acquiring additional BTC, expansions, and corporate operations. The deal includes capped-call transactions to minimize shareholder dilution from future note conversions.

This financing deepens MARA’s strategy of actively expanding its crypto treasury beyond mining activities, following recent investments such as its $20 million equity round in crypto lender Two Prime. Currently, MARA holds 50,000 BTC, making it one of the largest corporate Bitcoin holders behind Michael Saylor’s Strategy.

BNY Mellon and Goldman Sachs Partner on RWA Tokenization

BNY Mellon and Goldman Sachs announced a joint blockchain initiative on July 23 to tokenize money market fund shares using Goldman’s GS DAP ledger. The tokens will mirror shares held through BNY’s LiquidityDirect platform, which already serves funds from BlackRock, Fidelity, and others. The effort targets round-the-clock liquidity and more efficient collateral use for the $7.1 trillion MMF sector.

BNY will maintain official fund records while enabling token transferability, offering digital access without altering regulatory compliance. The partnership follows last week’s signing of the GENIUS Act, which clarified stablecoin regulation for US financial institutions. Executives from both firms say the project reflects a long-term strategy to merge traditional finance infrastructure with blockchain speed and transparency.

World Liberty Adds $13M in ETH and $6M in EOS Tokens

World Liberty Financial revealed a partnership with Vaulta (formerly EOS), adding $6 million of Vaulta’s A token to its strategic reserves. In return, Vaulta will integrate the WLD1 stablecoin into its Web3 banking tools to expand decentralized finance access in the US The firms aim to jointly advance tokenized asset use and improve stablecoin functionality within regulated systems.

On the same day, World Liberty also acquired 3,473 ETH worth $13 million, bringing its total ether holdings to $276 million. The tokens were staked via Aave wallets, per Arkham data, amid renewed institutional demand for ETH. Spot Ethereum ETFs saw $534 million in net inflows Tuesday, while Bitcoin ETFs reported outflows, according to SoSoValue data.

South Korea Restricts Funds From Investing in Coinbase

South Korea’s Financial Supervisory Service told asset managers this month to limit holdings in crypto-linked firms like Coinbase and Strategy, The Korea Herald reported July 23. Regulators instructed firms to follow a 2017 guideline barring equity investments in digital asset businesses until new local rules are finalized. The directive was issued verbally but has caused backlash from Korean investment firms.

Industry players argue the restrictions create imbalance, since retail investors can still access US-listed crypto ETFs. Meanwhile, newly elected President Lee Jae Myung is pushing reforms to allow spot crypto ETFs and stablecoin-supported finance. South Korea remains one of the most active retail crypto markets globally, with over 18.25 million users trading mostly altcoins.

Data of the Day

Solana's platform LetsBonk has captured 64% of meme token launches, dominating the space after onboarding over 150,000 tokens last week. The platform saw a record 26,600 launches in a single day on July 18, more than doubling volumes from rival PumpFun. BONK, LetsBonk’s native token, has surged nearly 200% over the last month, outperforming most of the Solana ecosystem.

LetsBonk also led in token graduations and trading activity, with $179 million in daily volume last Friday compared to Pump’s $52 million. Fee revenue hit $8 million last week, nearly double that of its main memecoin trading platform competitors. As of this week, BONK is valued at $3 billion, up from $2.25 billion just prior to Pump’s recent token launch.

More Breaking News

• A long-dormant Bitcoin whale moved 10,603 BTC worth $1.26 billion across three wallets, following another 80,000 BTC transfer earlier this month.
• MoonPay launched a Solana liquid staking platform offering 8.49% yield via mpSOL tokens, amid rising demand for flexible onchain returns and tokenized rewards.
• US spot Ethereum ETFs saw $534 million in inflows on Tuesday, the third-largest daily haul ever, as institutional confidence in ETH’s momentum continues to build.
• Federal prosecutors aim to return $7.1 million in crypto linked to a $97 million oil and gas scam laundered through offshore accounts and wallets.
• The Bank of England may scrap its digital pound project, favoring private sector innovation over launching a central bank digital currency for retail users.
• 21Shares has filed for a US ETF product tracking ONDO, the token of Ondo Finance, a platform tokenizing real-world assets like bonds and funds.
• CoinShares secured a French MiCA license for its asset management arm, becoming the first continental European crypto ETP provider formally regulated under the framework.

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