Bitcoin Miner MARA Launches $2 Billion Stock Offering to Acquire Bitcoin
Bitcoin mining company MARA Holdings (MARA) is initiating a $2 billion stock offering to finance additional bitcoin purchases, maintaining its "Hodl" strategy. Key points include:
- MARA has filed a Form 8-K and a new prospectus with the SEC detailing an at-the-market (ATM) equity program in collaboration with several investment banks.
- The funds will primarily be allocated for acquiring bitcoin and general corporate purposes.
- This offering follows a previous ATM initiative aimed at raising up to $1.5 billion.
- MARA's current bitcoin holdings total 46,376 BTC, ranking it second among publicly traded companies.
- The decision to buy bitcoin from the open market stems from challenges in the mining sector due to reduced rewards and rising costs, making this approach more favorable.