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MARA Holdings Announces $2 Billion Stock Offering to Purchase Bitcoin
In a bold move, MARA Holdings, one of the largest Bitcoin mining companies in the world, has announced plans to offer up to $2 billion worth of its stock to purchase more Bitcoin. This significant announcement comes as part of the company’s “full HODL” strategy, which involves keeping all mined Bitcoin and using the funds generated by the sale of shares to buy even more cryptocurrency.
According to a recent filing with the Securities and Exchange Commission (SEC), MARA has entered into an at-the-market agreement with several major investment firms, including Barclays and Cantor Fitzgerald. Under this arrangement, these firms will sell MARA shares “from time to time” directly on the Nasdaq or via negotiated transactions. This flexible approach is designed to stabilize the company’s stock price while allowing it to generate funds for further Bitcoin acquisitions.
MARA’s aggressive Bitcoin acquisition strategy comes at a critical juncture in the market. Bitcoin recently reached all-time highs above $83,000 before pulling back slightly. Despite this short-term volatility, many analysts believe that the cryptocurrency is on the verge of a major upswing. The company’s decision to purchase more Bitcoin reflects this optimism and its commitment to long-term value appreciation.
In addition to its Bitcoin ambitions, MARA has made significant strides in terms of sustainability. The company recently completed the acquisition of a 114-megawatt wind farm in Hansford County, Texas. This move is designed to power older mining rigs that would have otherwise been retired, reducing the company’s carbon footprint and aligning with growing industry concerns about energy consumption.
MARA’s financial performance has also been impressive, with Q4 2024 revenue reaching $214.4 million – a significant increase of 37% from the previous quarter. Net income surged 248% year-over-year to $528.3 million, while adjusted EBITDA grew an astonishing 207% to $794.4 million. These results have set a new benchmark for the mining sector as a whole.
The company’s CEO, Fred Thiel, has been vocal about his commitment to holding onto all mined Bitcoin and using the funds generated by the sale of shares to buy even more cryptocurrency. This strategy is reminiscent of that employed by other prominent crypto companies, such as CoreWeave, which recently completed a $1.5 billion IPO.
It remains to be seen how this bold move will impact MARA’s stock price in the long term. For now, it appears that the company is doubling down on its commitment to Bitcoin and its potential for long-term growth.
Source: https://blockonomi.com/mara-holdings-announces-2-billion-stock-offering-to-purchase-bitcoin/
