MARA Holdings plans huge $2B stock offering to buy more Bitcoin

Bitcoin miner MARA Holdings Inc (MARA) is looking to merchantability up to $2 cardinal successful banal to bargain much Bitcoin arsenic portion of a program that bears a resemblance to Michael Saylor’s Strategy.

MARA Holdings, formerly Marathon Digital, said successful a March 28 Form 8-K and prospectus filed with the Securities and Exchange Commission that it entered into an at-the-market agreement with concern giants, including Cantor Fitzgerald and Barclays, for them to merchantability up to $2 cardinal worthy of its banal “from clip to time.”

“We presently mean to usage the nett proceeds from this offering for wide firm purposes, including the acquisition of bitcoin and for moving capital,” MARA added.

MARA’s determination copies a maneuver made celebrated by Bitcoin (BTC) bull Saylor, the enforcement seat of the largest corporate Bitcoin holder Strategy, formerly MicroStrategy, which has utilized a assortment of marketplace offerings, including banal sales, to amass 506,137 BTC worthy $42.4 billion.

MARA Holdings falls conscionable down Strategy with the 2nd largest holdings by a nationalist company, with 46,374 BTC worthy astir $3.9 cardinal successful its coffers, according to Bitbo data.

In July, the company’s CEO, Fred Thiel, said it was going “full HODL” and wouldn’t merchantability any of the Bitcoin it mined to money its operations, arsenic is emblematic for crypto miners, and would acquisition much of the cryptocurrency to support successful reserve.

Related: Crusoe to merchantability Bitcoin mining concern to NYDIG to absorption connected AI 

The Bitcoin (BTC) miner’s planned banal merchantability follows a akin offering it made aboriginal past twelvemonth that offered up to $1.5 cardinal worthy of its shares. It besides issued $1 billion of zero-coupon convertible elder notes successful November with plans to usage astir of the proceeds to bargain Bitcoin.

Google Finance shows that MARA closed the March 28 trading time down 8.58% astatine $12.47, pursuing connected from crypto mining stocks being rattled a time earlier with reports that Microsoft abandoned plans to put successful caller information centers successful the US and Europe.

MARA shares person fallen different 4.6% to $11.89 successful overnight trading connected March 30, according to Robinhood.

Bitcoin is trading conscionable supra $82,000, down 1.2% implicit the past 24 hours aft falling from a section precocious of astir $83,500, according to CoinGecko.

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