31-3-2025 – MARA Holdings Inc., having shed its Marathon Digital moniker, has unveiled ambitious plans to bolster its Bitcoin holdings through a substantial $2 billion stock offering initiative.
The American firm, which presently ranks as the second-largest public holder of Bitcoin with 46,374 tokens in its coffers, appears to be following the blueprint laid down by Strategy (previously known as MicroStrategy) in the corporate cryptocurrency arena.
Recent market dynamics have cast a shadow over MARA’s share performance, with the stock experiencing an 8.58% decline to $12.47 on 28 March, followed by a further retreat to $11.89 in after-hours trading on 30 March. This downturn coincided with Microsoft’s decision to shelve plans for new data centre investments across American and European territories, sparking concerns about infrastructure accessibility for mining operations.
The fresh capital-raising endeavour builds upon MARA’s previous financial initiatives, including a $1.5 billion stock offering in early 2023 and a $1 billion zero-coupon convertible senior notes issuance last November. Chief Executive Fred Thiel has articulated a steadfast commitment to a ‘full HODL’ strategy, emphasising the firm’s intention to retain all mined Bitcoin whilst actively pursuing additional acquisitions.
In collaboration with prominent financial institutions Cantor Fitzgerald and Barclays, MARA’s latest at-the-market offering arrangement, detailed in a 28 March SEC filing, outlines plans for periodic share sales. The proceeds are earmarked for Bitcoin acquisition and operational requirements, mirroring the approach championed by Michael Saylor’s Strategy, which has amassed over 506,000 Bitcoin through similar financial instruments.
Against the backdrop of rising institutional and sovereign interest in cryptocurrency, MARA’s strategic pivot towards becoming a significant Bitcoin accumulator represents a notable evolution beyond its traditional mining operations. This development unfolds as Bitcoin trades above the $82,000 mark, despite a modest 1.2% decline over 24 hours from its recent $83,500 peak, according to CoinGecko data.