MARA Holdings to Sell $2B in Stock to Fund New Bitcoin Purchases

In a recent filing with the U.S. Securities and Exchange Commission (SEC), U.S. mining company MARA Holdings (formerly Marathon Digital) announced a $2 billion at-the-market stock offering. To sell shares, MARA entered into an agreement with leading institutional players, including Cantor Fitzgerald and Barclays. The proceeds will be used to acquire more Bitcoin.

Furthermore, this structure allows MARA to sell shares gradually, reducing the risk of sudden stock price drops while giving the company flexibility to raise capital over time. In addition to increasing its Bitcoin reserves, the company also plans to use part of the funds for “general corporate purposes.”

Related: MARA Generates Passive Income from Bitcoin Reserves

MARA’s strategy echoes that of Michael Saylor’s Strategy (formerly MicroStrategy), which has also been acquiring Bitcoin by raising external capital through stock and bond offerings. Given the current crypto market correction, this approach appears well-positioned to strengthen the company’s long-term footing in the digital asset space.

In addition, we are expanding our involvement in complementary businesses that align with our core competencies and strategic goals. This includes the sale of data center infrastructure, such as immersion-cooled systems, to third parties operating in the bitcoin ecosystem and the artificial intelligence (“AI”) and high-performance compute (“HPC”) sector,

the company noted in a statement.

Previously, MARA Holdings CEO Fred Thiel emphasized the company’s commitment to a HODL strategy (holding on to all mined Bitcoin). Additionally, MARA is actively working to grow its reserves through additional BTC purchases. This sets it apart from most mining firms, which frequently sell their mined coins to cover day-to-day expenses.

Bitcoin as a Strategy

According to data from Bitbo, MARA Holdings currently holds 46,374 BTC (approximately $3.8 billion), making it the second-largest public Bitcoin holder. As a result, it trails only Strategy, which holds 506,137 BTC (around $41.5 billion). While there's still a considerable gap between the two, MARA maintains a strong lead over its closest competitors, such as Riot Platforms, which holds 18,692 BTC ($1.5 billion).

Selling shares to fund Bitcoin purchases has become a popular tactic among companies looking to diversify their reserves and shift into digital assets. With this approach, MARA Holdings is making a clear bet on Bitcoin while laying the groundwork for further expansion in the crypto sector.

Nevertheless, despite these bold plans, the company’s stock remains under pressure. Over the past 12 months, MARA shares have declined by 27%, reflecting broader investor caution toward mining companies amid ongoing market uncertainty. The volatility underscores that even major players in the crypto industry are vulnerable to macroeconomic factors.

Related: The Blockchain Group Adds 580 Bitcoins for Around €47M to Its Treasury

Still, MARA Holdings’ $2 billion stock offering could spark a new wave of investment in digital assets, setting an example that may inspire other firms to increase their exposure to cryptocurrencies.