Bitcoin miner MARA eyes $2 billion stock offering to buy more BTC
Quick Take
- MARA Holdings said it has entered an at-the-market offering agreement to sell up to $2 billion worth of its common stock.
- It plans to use the proceeds for general corporate purposes, including further bitcoin acquisition.
MARA Holdings, the largest publicly traded bitcoin miner, is seeking to sell up to $2 billion in stock offering to expand its bitcoin stash.
The company filed its prospectus and a form 8-K on Friday with the U.S. Securities and Exchange Commission, reporting that it has entered into an at-the-market offering agreement with several investors, such as Barclays Capital, BMO Capital Markets, BTIG and Cantor Fitzgerald, among others.
MARA noted that it intends to use the proceeds for "general corporate purposes," including the acquisition of bitcoin and for working capital. "Our strategic initiatives primarily focus on mining and holding bitcoin as a long-term investment," MARA said.
The bitcoin miner currently holds 46,374 BTC, or about $3.8 billion based on current market prices, making it the second-largest publicly traded corporate holder of bitcoin, according to BitcoinTreasuries.net. This ranks just behind Michael Saylor's Strategy, which holds 506,137 BTC.
MARA's stock closed down 8.58% on Friday. Its stock price has fallen 27.54% year-to-date, according to Google Finance.
Meanwhile, GameStop, following in Strategy's footsteps, announced last week that it intends to offer $1.3 billion in convertible notes to begin its new bitcoin acquisition plan. It also said that it plans to update its investment policy to add bitcoin as a treasury reserve asset.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
