Bitcoin miner MARA Holdings Inc (MARA) is planning to sell up to $2 billion in stock to acquire more Bitcoin, reflecting a strategy similar to that of Michael Saylor.
On March 28, MARA Holdings, formerly known as Marathon Digital, disclosed in a Form 8-K and prospectus submitted to the Securities and Exchange Commission that it has struck an at-the-market agreement with major investment firms, such as Cantor Fitzgerald and Barclays, to sell up to $2 billion of its stock “from time to time.”
“We currently plan to utilize the net proceeds from this offering for general corporate purposes, which includes the acquisition of Bitcoin and working capital,” MARA stated.
This strategy mirrors the approach popularized by Bitcoin (BTC) advocate Saylor, who serves as the executive chair of the largest corporate Bitcoin holder, Strategy, previously known as MicroStrategy, which has employed various market offerings, including stock sales, to secure 506,137 BTC valued at $42.4 billion.
MARA Holdings ranks just behind Strategy, holding the second largest Bitcoin reserves among publicly traded companies, with 46,374 BTC worth approximately $3.9 billion, according to Bitbo data.
In July, CEO Fred Thiel announced that the company would be going “full HODL,” opting not to sell any of the Bitcoin it mined to cover its operations, as is commonly done in the crypto mining industry, and instead purchasing more cryptocurrency to hold in reserve.
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The planned stock sale from the Bitcoin (BTC) miner follows a similar offering made early last year, where it proposed selling up to $1.5 billion of its shares. Additionally, it issued $1 billion in zero-coupon convertible senior notes in November, intending to allocate most of the proceeds for Bitcoin purchases.
According to Google Finance, MARA closed the trading day on March 28 down 8.58% at $12.47, reacting to volatility among crypto mining stocks, which were impacted by news that Microsoft had scrapped plans to invest in new data centers in the US and Europe.
MARA shares have dipped further, down another 4.6% to $11.89 in overnight trading on March 30, based on Robinhood data.
Bitcoin is currently trading just above $82,000, experiencing a 1.2% decline over the last 24 hours after dropping from a recent high of around $83,500, according to CoinGecko.
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