MARA Holdings' stock fell 1.01% on July 25, 2025, after announcing a $1 billion note offering. The offering includes $950 million in convertible senior notes, with an option for an additional $200 million, maturing in 2032. The proceeds are intended for repurchasing older notes, capped call transactions, and potentially acquiring more Bitcoin. Despite an analyst upgrade from 'Sell' to 'Neutral' by Ed Engel, with a price target increase to $18, MARA's stock closed at $16.77. The decline coincided with a 3% drop in Bitcoin's price, which may have impacted MARA's performance. The company's second-quarter earnings report, due on July 29, could provide further insights into its financial health.