MARA Holdings, Inc. has announced a $2 billion at-the-market stock offering, with plans to use the proceeds primarily to acquire additional bitcoin and for general corporate purposes.
MARA Holdings to Sell $2 Billion in Stock for Bitcoin Purchases
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MARA Targets Bitcoin Growth Through $2 Billion Stock Offering
The company, MARA Holdings, Inc. (Nasdaq: MARA), entered into an agreement with Barclays Capital, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim Securities, H.C. Wainwright, and Mizuho Securities as sales agents for the offering.
The sales may occur at market prices through Nasdaq or other trading platforms, with the agents receiving a commission of up to 3% on gross proceeds from the sales. MARA Holdings, previously known as Marathon Digital Holdings, operates one of the largest bitcoin mining operations globally.
The company has shifted its strategy to own and operate more of its mining facilities, citing a preference for direct control over energy sources to reduce operational costs and improve margins. Currently, approximately 70% of its capacity is owned, with recent investments in renewable energy projects.
The move to expand bitcoin holdings is part of MARA’s broader strategy to strengthen its position as a significant bitcoin holder among publicly traded companies. The company already ranks as one of the largest corporate holders of the cryptocurrency below Michael Saylor’s Strategy.
The timing and pricing of share sales will depend on market conditions, and the offering may be suspended or terminated at any time. Investors have been cautioned about the risks associated with the volatility of bitcoin prices and MARA’s dependence on favorable market conditions for the success of its strategy.
Shares of MARA Holdings closed at $12.47 on March 28, 2025, on Nasdaq. The company’s stock performance has reflected the broader market volatility associated with digital asset investments.
