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MARA Enters $2 Billion ATM Plan as Full Bitcoin Hodl Continues

March 29, 2025
Bitcoin mining facility in Iowa

Bitcoin mining giant MARA has entered into yet another at-the-market (ATM) equity offering program, aiming to raise up to $2 billion.

The company disclosed in a regulatory filing on Friday that the agreement, dated March 28, was signed with a syndicate of investment banks, including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim Securities, H.C. Wainwright, and Mizuho Securities.

Under the terms of the deal, the agents may sell shares on behalf of MARA from time to time at the company’s discretion, with compensation capped at a commission rate of up to 3% of gross proceeds.

The move comes as MARA terminates its previous ATM programs initiated in October 2023 and formally replaced in February 2024. That offering, which was conducted through H.C. Wainwright, targeted up to $1.5 billion in stock sales.

MARA said in its annual report that it raised $1.4 billion through that effort in 2024, selling nearly 69 million shares and leaving roughly $103 million unsold under the prior authorization by year-end.

In total, Marathon raised approximately $1.85 billion from common stock issuances in 2024, net of issuance costs, as the company sought to expand operations and strengthen its balance sheet amid a competitive landscape in the Bitcoin mining sector.

The latest ATM plan signals MARA’s continued reliance on equity financing as it maintains the full hodl treasury strategy, retaining all of its monthly Bitcoin production instead of selling at least parts of that to cover operating expenses.

The company also issued zero-interest convertible bonds in late 2024, raising $2 billion to purchase additional Bitcoin following the MicroStrategy playbook. As of the end of February, MARA is holding 46,374 BTC on its balance sheet.

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