MARA Holdings plans $2 billion raising to buy Bitcoins
MARA files to raise $2B for more Bitcoin purchases and operations.
MARA Holdings Inc. (formerly Marathon Digital) is doubling down on its Bitcoin accumulation strategy, filing to sell up to $2 billion in stock with the intent of acquiring additional BTC and funding general operations.
The move mirrors the approach of Michael Saylor’s Strategy (formerly MicroStrategy), which has become synonymous with corporate Bitcoin accumulation, reports Cointelegraph.
Following in Saylor’s Footsteps
In a March 28 filing with the U.S. Securities and Exchange Commission (SEC), MARA entered into an at-the-market offering agreement with leading financial institutions, including Cantor Fitzgerald and Barclays, to periodically sell shares. The company stated that the proceeds would be used for “general corporate purposes, including the acquisition of bitcoin and for working capital.”
This latest capital-raising strategy aligns with the model popularized by Saylor, whose firm has purchased over 506,000 BTC (worth approximately $42.4 billion) through similar stock sales and convertible notes. MARA is currently the second-largest public holder of Bitcoin, with 46,374 BTC valued at around $3.9 billion, according to Bitbo data.
Long-Term Bitcoin Strategy
CEO Fred Thiel has previously affirmed that MARA intends to “go full HODL”, opting not to sell any of the Bitcoin it mines. Instead, the company is committed to accumulating more of the cryptocurrency—both through mining and direct purchases.
This marks the latest in a series of aggressive capital-raising efforts by MARA. In early 2023, it filed for a $1.5 billion stock offering, followed by a $1 billion issuance of zero-coupon convertible senior notes in November, earmarked largely for BTC acquisition.
Market Response and Context
MARA’s stock closed down 8.58% on March 28 at $12.47, and dipped further to $11.89 in overnight trading on March 30, amid broader weakness in mining equities. The downturn followed reports that Microsoft scrapped plans for new data center investments in the U.S. and Europe—raising concerns about infrastructure and energy access for miners.
Meanwhile, Bitcoin is trading just above $82,000, down 1.2% over the past 24 hours after retreating from a recent high of $83,500, per CoinGecko.
Outlook
With this $2 billion stock sale, MARA is positioning itself not just as a miner but as a strategic Bitcoin accumulator, echoing the corporate reserve model that has brought Strategy widespread attention—and scrutiny. If successful, the offering could further solidify MARA’s status as a top BTC-holding firm, especially as institutional and sovereign interest in Bitcoin continues to rise.
Recently we wrote, that confusion surrounding the total number of mined Bitcoins surfaced last week, following reports that the 20-millionth Bitcoin had been mined.
