Bitcoin miner Marathon has submitted a shelf registration to the U.S. SEC for an at-the-market offering of up to $2 billion in common stock.
This move enables the company to periodically issue shares at current market rates.
As outlined in Marathon’s prospectus, the funds raised will be used for various corporate purposes, such as acquiring Bitcoin, investing in mining equipment, expanding facilities, or engaging in mergers and strategic partnerships.
The at-the-market offering structure allows the company the flexibility to raise capital as opportunities arise, without being tied to fixed terms or prices.
Marathon has stated that this capital raise fits with its ongoing strategy to boost its Bitcoin holdings and mining capabilities.
The company, which reported more than 15,000 BTC and $356 million in cash equivalents at the end of the year, has previously employed similar offerings to support operational growth, including advancements in its Abu Dhabi joint venture and acquiring a 20% interest in the MARA mining pool operator.
By choosing to raise equity instead of taking on more debt, Marathon maintains balance sheet flexibility and leverages its stock price for expansion efforts. However, the potential issuance of up to $2 billion in new shares may dilute existing shareholders unless it is balanced by increased revenue or asset growth.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief. He believes that decentralized technology has the potential to drive widespread positive change.