MARA Holdings Inc. is set to issue $2 billion in stock to finance further Bitcoin acquisitions.
In a Form 8-K filing with the Securities and Exchange Commission dated March 28, the Florida-based Bitcoin mining company revealed plans to collaborate with various prominent investment firms to sell shares “from time to time” through a new at-the-market offering.
The firm stated in a related prospectus that the proceeds from this initiative will support general corporate activities, but emphasized that acquiring additional Bitcoin is a top priority.
As outlined in the prospectus, MARA may conduct stock sales through firms such as Barclays, Cantor Fitzgerald, and Guggenheim Securities, either on Nasdaq or through negotiated transactions.
This offering provides MARA with the adaptability to access the market as required, without any specific timeline or volume obligations.
As of March 30, MARA shares were being traded at $11.89, reflecting a 4.6% decline in after-hours trading following an 8.6% drop on March 28.
MARA currently holds more than 46,000 BTC, valued at nearly $4 billion, and this latest strategy reinforces its commitment to a complete HODL approach, wherein it intends to retain all Bitcoin mined while acquiring additional assets for future growth.
This offering comes on the heels of a $1.5 billion ATM program initiated last year and a $1 billion zero-coupon convertible note issuance in November, all targeted at increasing its Bitcoin reserves.
MARA, which ranks second in corporate Bitcoin holdings, is mirroring a strategy similar to that of another prominent firm, which recently announced plans to raise up to $21 billion through its preferred stock offering as part of its long-term strategy.
The intention to stockpile more Bitcoin follows a successful period for MARA. In Q4 2024, the company reported revenues of $214.4 million, a 37% increase from the previous quarter, and concluded the year with a net income of $528.3 million, a 248% year-on-year rise. Adjusted EBITDA soared 207% to $794.4 million, setting a new industry standard in the mining sector.
Last month, MARA also finalized its acquisition of a wind farm in Hansford County, Texas. This facility, which provides 114 megawatts of wind power and 240 megawatts of interconnection capacity, was acquired to sustain older mining rigs that would otherwise have been decommissioned.