MARA Launches $2B Stock Offering to Boost Bitcoin Holdings

Bitcoin mining firm Marathon Digital Holdings (NASDAQ: MARA) has announced a new $2 billion at-the-market (ATM) stock offering aimed at purchasing more bitcoin. The move reinforces MARA's aggressive “Hodl” strategy, which prioritizes acquiring and holding BTC rather than selling it.

According to filings with the U.S. Securities and Exchange Commission (SEC), the offering is being facilitated by major investment banks including Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald. Under the ATM program, shares will be sold incrementally, with proceeds primarily used to buy bitcoin from the open market.

MARA stated in its prospectus that the net proceeds will go toward general corporate purposes, including bitcoin acquisitions and working capital. This strategy mirrors that of MicroStrategy’s Michael Saylor, who has famously raised funds through equity and debt to amass a significant bitcoin treasury.

This latest $2 billion offering follows a previous $1.5 billion ATM program, signaling continued confidence in bitcoin’s long-term value. As of now, MARA holds 46,376 BTC, making it the second-largest bitcoin holder among publicly traded companies, behind MicroStrategy’s 506,137 BTC.

Interestingly, the company is choosing to buy BTC on the open market rather than relying solely on mining. While miners traditionally profit by producing bitcoin at lower costs, the 2024 halving event significantly reduced block rewards, tightening margins and raising operational costs. This shift has led miners like MARA to diversify their strategies by combining mining with strategic market purchases.

Marathon’s dual approach to bitcoin acquisition reflects evolving dynamics in the mining industry and continued institutional confidence in BTC as a long-term asset. The company’s ongoing accumulation could have ripple effects across the broader crypto market.