Bitcoin miner MARA Holdings is going all in on BTC again—this time with a $2 billion war chest.

The largest publicly traded Bitcoin mining company, formerly Marathon Digital, revealed in a Form 8-K and prospectus filed with the U.S. Securities and Exchange Commission (SEC) that it entered into an at-the-market (ATM) agreement with major financial firms, including Barclays Capital, BMO Capital Markets, BTIG, and Cantor Fitzgerald.

The agreement allows them to sell up to $2 billion worth of MARA stock “from time to time,” with proceeds earmarked for “general corporate purposes, including the acquisition of Bitcoin and for working capital."

As of now, Bitcoin is trading at $81,416.81, down about 2.4% in the past 24 hours, CoinGecko data shows. Analysts said investors have been reacting to heightened trader war tension and signs that inflation could keep inching higher.

Still, investors appeared cautious. Yahoo Finance data shows MARA stock fell 8.58% on March 28 to $12.47 as crypto mining stocks broadly declined amid macroeconomic uncertainty.

The latest offering signals MARA’s intent to double down on a treasury strategy that’s rapidly gaining popularity among corporates—from GameStop’s $1.3 billion convertible note plan to other big players like Semler Scientific and Japan’s MetaPlanet.

The strategy was made famous by Michael Saylor’s software firm Strategy (formerly MicroStrategy), which has turned aggressive Bitcoin accumulation into a corporate identity.

Strategy currently leads all public companies with 506,137 BTC on its balance sheet. MARA is next in line, with 46,374 BTC—worth nearly $3.8 billion at current prices, as per Bitcoin Treasuries data.

Last July, MARA CEO Fred Thiel did say the company was “going full HODL,” committing to retain all mined BTC and even “periodically make strategic purchases on the open market.”

The SEC filing comes just weeks after MARA reported record earnings for Q4 2024, with revenue climbing 37% year-over-year to $214.4 million and net income jumping 248% to $528.3 million.

Despite a 27% drop in BTC production due to last April’s halving, rising Bitcoin prices helped MARA beat expectations with $1.24 in earnings per share.

Edited by Stacy Elliott.

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