MARA Holdings to Raise $2 Billion for More Bitcoin

MARA Holdings Inc. is making another aggressive move in the Bitcoin space, announcing plans to raise up to $2 billion through a stock offering to fund additional Bitcoin purchases.

In a March 28 SEC filing, the Florida-based Bitcoin mining giant disclosed that it would collaborate with major investment firms to sell shares periodically under a new at-the-market (ATM) offering.

While the company states that the proceeds will be used for general corporate purposes, its prospectus makes it clear that accumulating more Bitcoin is a top priority.

MARA plans to execute stock sales through firms like Barclays, Cantor Fitzgerald, and Guggenheim Securities, with transactions taking place on Nasdaq or via negotiated deals. The ATM structure provides MARA with flexibility, allowing it to raise funds as needed without committing to a fixed timeline or volume target.

This move underscores MARA’s commitment to its “full HODL” strategy, in which it not only retains all Bitcoin mined but also actively increases its holdings. Currently, the company holds over 46,000 BTC, valued at nearly $4 billion.

This isn’t MARA’s first major capital raise to expand its Bitcoin reserves. Last year, the company launched a $1.5 billion ATM program, followed by a $1 billion zero-coupon convertible note sale in November.

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These moves mirror the strategy employed by MicroStrategy, led by Bitcoin bull Michael Saylor, which recently unveiled plans to raise up to $21 billion as part of its ambitious “21/21” roadmap.

Despite the bold expansion plan, MARA’s stock has faced recent turbulence. Shares were trading at $11.89 as of March 30, reflecting a 4.6% drop in overnight trading after already falling 8.6% on March 28.

However, the company’s financials paint a picture of strong performance. MARA reported $214.4 million in revenue for Q4 2024, marking a 37% increase from the previous quarter. The company’s net income soared to $528.3 million, a staggering 248% jump year-over-year. Adjusted EBITDA surged 207% to $794.4 million, setting a new benchmark for the Bitcoin mining sector.

Beyond its Bitcoin acquisitions, MARA is also investing in sustainable energy solutions to power its mining operations.

Last month, the company finalized the purchase of a wind farm in Hansford County, Texas. The facility, boasting 114 megawatts of wind power and 240 MW of interconnection capacity, will provide energy to older mining rigs that would have otherwise been decommissioned.

As Bitcoin continues to dominate financial headlines, MARA’s aggressive acquisition strategy signals its confidence in the long-term value of the cryptocurrency. With institutional interest in Bitcoin growing and the halving event approaching, the company’s latest move positions it to capitalize on future price surges.