Bitcoin Miner MARA Plans $2 Billion Equity Offering to Fuel BTC Accumulation

Marathon Digital Plans $2B Stock Sale to Expand Bitcoin Holdings

Marathon Digital Holdings (MARA), one of the largest corporate holders of bitcoin, is rolling out a $2 billion at-the-market stock offering to further grow its BTC reserves.

In a new filing with the U.S. Securities and Exchange Commission (SEC), the company outlined plans to sell shares over time through a group of investment banks including Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald. The raised capital will primarily be used to buy bitcoin on the open market and support general corporate activities.

“The net proceeds from this offering are expected to go toward bitcoin acquisitions and working capital,” MARA said in its SEC prospectus.

This marks a continuation of MARA’s aggressive strategy to grow its bitcoin holdings. A previous at-the-market program sought up to $1.5 billion in funding. The company has taken a page out of Michael Saylor’s playbook, leveraging equity and convertible debt to boost BTC reserves.

Marathon currently holds 46,376 BTC, putting it just behind Strategy (formerly MicroStrategy), which leads public companies with 506,137 BTC in its treasury.

The move to buy rather than mine bitcoin reflects shifting dynamics in the mining industry. With last year’s halving cutting mining rewards in half and energy costs climbing, acquiring BTC outright has become a more efficient way for miners like Marathon to accumulate crypto.