MARA Holdings Inc. plans to offer $2 billion worth of its stock to fund additional Bitcoin purchases.
In a March 28 Form 8-K filing with the Securities and Exchange Commission, the Florida-based Bitcoin miner disclosed that it’s teaming up with several major investment firms to sell shares “from time to time” under a new at-the-market offering.
The company said in an accompanying prospectus that proceeds will go toward general corporate purposes, but it made it clear that buying more Bitcoin is high on the list.
According to the prospectus, MARA may sell its stock through firms like Barclays, Cantor Fitzgerald, and Guggenheim Securities, with sales happening directly on Nasdaq or via negotiated transactions.
The offering will give MARA the flexibility to tap into the market as needed, with no set timeline or volume commitment.
As of March 30, MARA shares were trading at $11.89, down 4.6% in overnight trading following an 8.6% drop on March 28.
MARA already holds over 46,000 BTC worth nearly $4 billion, and the latest move reaffirms its commitment to a “full HODL” strategy under which it plans to keep all the Bitcoin it mines and buy more to stockpile for the long haul.
This latest offering follows a $1.5 billion ATM program launched last year and a $1 billion zero-coupon convertible note sale in November, also aimed at boosting its Bitcoin holdings.
MARA, second only to Strategy in corporate Bitcoin holdings, is following a similar playbook to Michael Saylor’s firm, which recently unveiled plans to raise up to $21 billion via its STRK preferred stock offering as part of its “21/21” roadmap.
Plans to stack up more Bitcoin follow a profitable run for MARA. In Q4 2024, the company pulled in $214.4 million in revenue, up 37% from the previous quarter, and ended the year with a net income of $528.3 million, a 248% jump year-over-year. Adjusted EBITDA surged 207% to $794.4 million, setting a new benchmark for the mining sector.
Last month, MARA also wrapped up its acquisition of a wind farm in Hansford County, Texas. The site, which offers 114 megawatts of wind power and 240 MW of interconnection capacity, was acquired to power older mining rigs that would’ve otherwise been retired.
