MARA Holdings Launches $2 Billion Stock Offering to Boost Bitcoin Reserves

MIAMI, Fla. — MARA Holdings Inc. (MARA), a leading Bitcoin mining company, announced on March 28 its intention to offer up to $2 billion in stock. The funds are earmarked for additional Bitcoin purchases, further solidifying the company’s position in the cryptocurrency market.

This strategic decision was detailed in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC). MARA plans to facilitate the stock sale through an at-the-market agreement that involves notable investment firms including Cantor Fitzgerald and Barclays.

The proceeds from the stock offering are designated primarily for general corporate purposes, with a significant focus on expanding its Bitcoin holdings and enhancing working capital. Currently, MARA Holdings ranks second among publicly traded companies in terms of Bitcoin investments, boasting approximately 46,374 BTC valued at around $3.9 billion, according to Bitbo data. This places MARA behind only MicroStrategy, which holds over 506,000 BTC valued at about $42.4 billion.

CEO Fred Thiel has reiterated the company’s commitment to a “full HODL” strategy, meaning that MARA will not sell any mined Bitcoin but will continue to acquire additional cryptocurrency for long-term reserves. Thiel’s strategy aligns with that of Michael Saylor, executive chairman of MicroStrategy, who has also aggressively expanded Bitcoin holdings.

“We believe Bitcoin is an essential asset for future growth,” Thiel stated in a recent press release. “Our intention is to accumulate and hold as much Bitcoin as we can in the coming years.”

The latest stock offering comes on the heels of a similar initiative last year where MARA aimed to raise up to $1.5 billion through share sales. Additionally, in November, the company successfully issued $1 billion in zero-coupon convertible senior notes, with the bulk of proceeds directed towards Bitcoin acquisitions.

As of the trading day on March 30, shares of MARA were priced at $11.89 after dropping 4.6% in overnight trading, following an earlier decline of 8.6% on March 28. This price volatility reflects the broader uncertainties in the cryptocurrency market.

The company’s proactive approach to increasing its Bitcoin assets is underscored by its recent performance; in Q4 2024, MARA recorded net income of $528.3 million, marking a 248% increase from the previous year. The adjusted EBITDA surged by 207% to reach $794.4 million, setting a new benchmark in the mining sector, according to company reports.

In another move to enhance its operational capabilities, MARA recently acquired a wind farm in Hansford County, Texas, which will provide 114 megawatts of wind power alongside 240 MW of interconnection capacity. This initiative is intended to power older mining rigs that would have otherwise been retired, further aiding the company’s sustainability goals.