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MARA Holdings Inc., one of the largest publicly traded Bitcoin miners, is planning to sell up to $2 billion worth of its stock to fuel its Bitcoin accumulation strategy, drawing parallels to Michael Saylor’s bold BTC playbook. The move, announced in a March 28 SEC filing, signals MARA’s intent to double down on building its BTC reserves, despite ongoing market volatility.
The company, formerly known as Marathon Digital, revealed in its Form 8-K filing that it has entered into an at-the-market (ATM) agreement with major investment firms, including Cantor Fitzgerald and Barclays, to sell its shares “from time to time.” MARA clarified that the proceeds will be used for “general corporate purposes, including the acquisition of Bitcoin and for working capital.”
MARA Following Saylor’s Playbook
MARA’s aggressive Bitcoin accumulation plan closely mirrors the tactics of Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy). Saylor, a vocal Bitcoin advocate, has turned his company into a BTC giant by leveraging stock sales and debt issuance to amass 506,137 BTC—valued at over $42 billion.
MARA, currently the second-largest corporate Bitcoin holder, holds 46,374 BTC, according to Bitbo data. The miner’s latest stock sale aligns with its “full HODL” policy, introduced by CEO Fred Thiel last year.
Under this strategy, MARA vowed not to sell its mined Bitcoin to fund operations—a stark contrast to the usual practice of miners liquidating BTC to cover expenses. Instead, MARA plans to buy more Bitcoin, turning its treasury into a long-term BTC reserve.
This is not MARA’s first large-scale stock offering. The company made a similar move in early 2023, selling up to $1.5 billion worth of shares, followed by a $1 billion zero-coupon convertible senior note issuance in November, with most proceeds earmarked for Bitcoin purchases.
Stock Dips Amid Market Volatility
Following the March 28 stock sale announcement, MARA shares closed the trading day down 8.58% at $12.47, according to Google Finance. The slump came on the heels of broader crypto mining stock declines, spurred by reports that Microsoft had scrapped plans for new data centers in the U.S. and Europe.
By March 30, MARA’s stock fell further, slipping 4.6% to $11.89 in after-hours trading, according to Robinhood. Meanwhile, Bitcoin dipped 1.2% over the past 24 hours, trading just above $82,000 after hitting a local high of around $83,500, as per CoinGecko data.
