James Richardson
MARA Holdings, the largest publicly traded Bitcoin mining company, has announced plans to raise up to $2 billion through a stock offering as part of its strategy to increase its Bitcoin reserves.
According to a prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Friday, MARA has entered into an at-the-market offering agreement with major financial firms, including Barclays Capital, BMO Capital Markets, BTIG, and Cantor Fitzgerald.
Funds to Support Bitcoin Purchases and Operations
The company stated that proceeds from the stock sale will be allocated toward general corporate purposes, with a primary focus on acquiring more Bitcoin and strengthening its working capital.
“Our strategic initiatives revolve around mining and holding Bitcoin as a long-term investment,” MARA confirmed in the filing.
MARAโs Bitcoin Holdings and Market Position
MARA currently holds 46,374 BTC, valued at approximately $3.8 billion based on current market prices. This makes it the second-largest publicly traded corporate Bitcoin holder, trailing only Michael Saylorโs MicroStrategy, which owns 506,137 BTC, according to BitcoinTreasuries.net.
Despite its dominant position in the Bitcoin mining sector, MARA’s stock price has struggled, closing down 8.58% on Friday and experiencing a 27.54% decline year-to-date, according to Google Finance.
GameStop Joins the Bitcoin Accumulation Trend
MARA is not alone in its Bitcoin accumulation strategy. GameStop recently announced plans to raise $1.3 billion through convertible notes to fund its own Bitcoin acquisition initiative. The gaming retailer also revealed that it will update its investment policy to officially include Bitcoin as a treasury reserve asset.
