Marathon (MARA) Pushes Harder into Bitcoin with $2B Stock Offering
Marathon Digital Holdings (MARA) is doubling down on Bitcoin. The company announced a $2 billion stock offering to buy more BTC. This follows its past move of raising $1.4 billion for similar purchases. The funds will be raised through an at-the-market (ATM) equity program, allowing MARA to sell shares over time. Major investment banks like Barclays and BMO Capital Markets are helping run the sale.
MARA plans to use 40% of the new capital to buy Bitcoin directly. Another 35% goes to general corporate needs, while 25% supports working capital. This is a clear signal that MARA is fully committed to Bitcoin, not just as a miner but also as a long-term holder.
Why MARA Chooses to Buy, Not Just Mine
Bitcoin mining has become expensive. The latest halving event cut mining rewards in half. At the same time, energy prices have gone up, pushing operational costs higher. That makes mining less profitable, even for a giant like MARA.
Instead of relying only on mining, MARA is now buying Bitcoin in the open market. This mirrors the approach of MicroStrategy and its founder, Michael Saylor. Like Saylor, MARA believes that holding Bitcoin will pay off over time, especially as institutional interest keeps growing. Buying BTC directly gives the company more control and less exposure to mining volatility.
MARA Stock Offering Shows Strong Liquidity
MARA isn’t making this move from a weak financial position. The company has a current ratio of 4.94, showing it has enough liquidity to cover short-term obligations. This strong balance sheet gives MARA the flexibility to raise and deploy capital without risking stability.
The $2 billion offering comes after MARA canceled a previous $1.5 billion stock plan from 2023. With the new program, MARA can issue shares when market conditions are right, helping maximize value. The banks involved will earn a small commission, up to 3% of each sale.
This strategy puts MARA in a solid position to grow its Bitcoin holdings while keeping investors confident in its financial health.
MARA Now Holds Over 46,000 Bitcoin
Right now, MARA owns 46,376 Bitcoin, making it the second-largest holder among public companies. Only MicroStrategy holds more, with over 500,000 BTC. This gives MARA a powerful spot in the crypto ecosystem, not just as a miner but as a major Bitcoin treasury.
In 2024 alone, MARA grew its BTC stack from under 14,000 to over 46,000. That’s a big leap in just one year. It proves the company knows how to use capital to scale fast in the crypto space. The current stock offering is another step in that aggressive strategy.
Bitcoin Volatility Won’t Stop M
ARA
The crypto market remains volatile, and not everyone supports MARA’s approach. Bitcoin critic Peter Schiff recently slammed firms like MARA for tying their future to BTC. But MARA is undeterred. The company is clearly betting that long-term Bitcoin adoption will outweigh short-term price swings.
By raising cash and buying BTC, MARA positions itself as more than just a miner. It’s evolving into a digital asset holding firm. For investors who believe in Bitcoin’s future, MARA stock might offer a way to gain exposure to that upside.
