MARA Holdings Inc. has officially entered the market with a bold plan to offer $2 billion of its stock, aiming to increase its holdings in Bitcoin. The announcement, made in a Form 8-K filing with the Securities and Exchange Commission on March 28, 2025, reveals the Florida-based Bitcoin mining company’s strategy to partner with major investment firms to facilitate this offering.
The funds collected from this stock offering will be directed towards general corporate purposes, with a clear message that buying more Bitcoin remains a top priority. The prospectus outlines that MARA intends to sell shares “from time to time”, providing flexibility to capitalize on market conditions without a fixed timeline or volume commitment. Notable investment firms involved include Barclays, Cantor Fitzgerald, and Guggenheim Securities, with transactions expected to occur on Nasdaq or via negotiated transactions.
As of March 30, 2025, MARA shares were trading at $11.89, experiencing a decrease of 4.6% in after-hours trading, following a prior drop. This strategic move comes on the heels of a successful earnings report where MARA achieved $214.4 million in revenue for the fourth quarter of 2024, indicating a significant growth trajectory.
- MARA holds over 46,000 BTC, a substantial asset valued at nearly $4 billion.
- The company is committed to a ‘full HODL’ strategy, planning to retain all Bitcoin mined.
- This offering follows earlier initiatives, including a $1.5 billion ATM program and a $1 billion zero-coupon convertible note sale aimed at expanding Bitcoin holdings.
MARA is currently positioned as the second-largest corporate holder of Bitcoin, just behind Michael Saylor’s firm. Both companies are pursuing similar strategies, with Saylor’s firm recently announcing plans to raise up to $21 billion to further deepen their Bitcoin reserves. With a bullish outlook on Bitcoin, MARA is doubling down on its investment, reflective of its overall commitment to long-term value creation in the cryptocurrency space.
Additionally, last month, MARA completed the acquisition of a wind farm in Hansford County, Texas, enhancing its operational capacity and sustainability by powering older mining rigs that would otherwise be retired. This move further solidifies their position in the competitive landscape of Bitcoin mining, as energy costs remain a critical factor in profitability.
