Bitcoin mining company MARA Holdings (MARA) is initiating a new $2 billion stock offering to purchase more bitcoin, continuing its strategy of acquiring BTC in the open market through capital raise while adhering to its “Hodl” approach.
As per a Form 8-K and a new prospectus filed with the U.S. Securities and Exchange Commission (SEC), MARA has entered into an at-the-market (ATM) equity program with several investment banks, including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, and others. The funds generated from the offering, where brokers will sell shares of the miner periodically, will primarily be utilized for purchasing bitcoin in the open market.
“The net proceeds from this offering are intended for general corporate purposes, including bitcoin acquisition and working capital,” stated MARA in its prospectus.
This latest stock sales plan comes after a prior ATM offering that aimed to raise up to $1.5 billion for the miner.
MARA has embraced Michael Saylor’s approach of raising funds through equity and convertible bond offerings to purchase bitcoin in the open market. The company currently holds 46,376 BTC in its treasury, positioning it as the second-largest holder of bitcoin among publicly traded companies, trailing only behind Strategy’s 506,137 BTC.
