MARA Holdings Launches $2 Billion Stock Offering to Expand Bitcoin Stash

Bitcoin mining firm MARA Holdings (MARA) is launching a new $2 billion stock offering, continuing its strategy of acquiring Bitcoin directly from the market.

This move is part of the company’s ongoing efforts to expand its holdings, sticking to its “Hodl” approach of holding Bitcoin long-term.

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), MARA has partnered with a group of investment banks—including Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald—to execute an at-the-market (ATM) equity program.

This will allow brokers to sell shares periodically, with the proceeds mainly directed toward purchasing more Bitcoin.

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In the filing, MARA confirmed its intention to use the funds for “general corporate purposes,” with a significant portion earmarked for Bitcoin acquisition and working capital. This new offering follows a previous ATM plan aimed at raising up to $1.5 billion for similar purposes.

MARA’s approach mirrors that of Michael Saylor’s strategy, which involves raising capital through equity and convertible bonds to fund Bitcoin purchases. With its current treasury holding 46,376 BTC, MARA now possesses the second-largest Bitcoin reserve among publicly traded companies, trailing only Strategy’s 506,137 BTC.

Alexander Stefanov