Marathon Digital Unveils $2B Stock Sale to Boost Bitcoin Reserves
Marathon Digital Holdings (MARA), the bitcoin mining giant with the second-largest BTC treasury among publicly traded firms, is launching a new $2 billion at-the-market (ATM) stock offering—primarily to ramp up its bitcoin accumulation.
According to a fresh Form 8-K and accompanying prospectus filed with the U.S. Securities and Exchange Commission (SEC), MARA has partnered with a syndicate of investment banks—including Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald—for the sale. Under the ATM program, shares will be sold periodically, with proceeds largely earmarked for open-market bitcoin purchases.
“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” the company stated in the filing.
This isn’t MARA’s first move of this kind. It previously initiated a $1.5 billion ATM offering with a similar goal: raise capital to build up its BTC reserves.
The company is echoing the playbook of MicroStrategy’s Michael Saylor, aggressively raising funds through equity and convertible debt to fuel its bitcoin-buying spree. With 46,376 BTC currently on its books, MARA ranks just behind Saylor’s Strategy (formerly MicroStrategy), which holds a staggering 506,137 BTC.
MARA’s decision to buy bitcoin on the open market—rather than relying solely on mining—comes as the economics of mining have tightened. Last year’s bitcoin halving slashed block rewards by 50%, squeezing margins as operational costs continue to climb. In response, firms like MARA are increasingly complementing mining with strategic BTC acquisitions.
