Since June, seven publicly traded bitcoin miners have raised a total of $5.20 billion in convertible bonds. 70% of that, or $3.60 billion, has been raised in the past four weeks. MARA and Core Scientific have raised more than $2.40 billion in zero-coupon convertible bonds in recent weeks, with MARA alone raising $1.85 billion. Both companies' conversion prices are about 40% higher than their average share price at the time of issuance.