MARA Launches $2B Stock Offering to Expand Bitcoin Holdings

Bitcoin mining company MARA Holdings has initiated a $2 billion at-the-market stock offering to finance further bitcoin acquisitions. According to filings with the SEC, the proceeds from this fresh equity offering will be used for general corporate purposes, including purchasing bitcoin in the open market, as part of the company’s longstanding 'Hodl' strategy. This initiative is supported by a group of top-tier investment banks such as Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald, and follows a previous ATM offering that targeted up to $1.5 billion. With its current treasury holding of 46,376 BTC—making it the second-largest among publicly traded entities after Strategy—the miner is reinforcing its strategic position amid tightening margins in the industry post-last year’s halving. The approach, inspired by Michael Saylor’s successful funding and accumulation tactics, has been adopted to offset the challenges of a competitive mining environment and rising costs, offering a potentially more favorable means of growth compared to traditional mining operations.