MARA Holdings Inc., a prominent Bitcoin mining company, has initiated plans to raise up to $2 billion through stock sales to acquire more Bitcoin . This strategy mirrors the approach adopted by Michael Saylor, the executive chairman known for his substantial Bitcoin investments. In a recent filing with the Securities and Exchange Commission, MARA Holdings, previously known as Marathon Digital, disclosed it had entered into an agreement with major investment firms, including Cantor Fitzgerald and Barclays, to facilitate these transactions.
The proceeds from this stock offering are intended for general corporate purposes, particularly the acquisition of Bitcoin and to support working capital needs. This maneuver aligns with MARA’s broader strategy of amassing cryptocurrency, positioning the company just behind Saylor’s firm, which holds the largest public stash of Bitcoin , currently valued at approximately $42.4 billion. In contrast, MARA Holdings holds about 46,374 BTC, worth around $3.9 billion.
Earlier in the year, the CEO of MARA emphasized a commitment to a “full HODL” approach, indicating that the company would retain all mined Bitcoin rather than selling it to cover operational expenses — a common practice among cryptocurrency miners. This strategic focus on preservation and accumulation reflects a growing trend among miners amidst volatile market conditions.
The latest stock offering follows a similar initiative from the prior year in which MARA sought to raise $1.5 billion. Additionally, the company raised $1 billion through zero-coupon convertible senior notes, with expectations to allocate a significant portion of the funds toward Bitcoin purchases.
After a challenging trading day where shares fell by 8.58% to close at $12.47, MARA experienced further declines, with shares dropping to $11.89 in overnight trading. Meanwhile, Bitcoin saw slight fluctuations, trading just above $82,000 — down from a recent peak of around $83,500.
