World’s largest miner Marathon to raise $2 billion to buy BTC

The company is following the lead of analytics software provider Strategy, which is the largest corporate holder of the first cryptocurrency

31.03.2025 - 11:35

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What’s new? Marathon Digital (MARA), the world’s largest US bitcoin mining company with a capitalization of $4,31 billion, plans to issue up to $2 billion worth of additional shares and use the proceeds to invest in the first cryptocurrency. According to a report filed with the US Securities and Exchange Commission (SEC), the offering will be made through investment firms including Cantor Fitzgerald and Barclays.

SEC filing

What else is known?

“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” Marathon added.

Marathon urges the US authorities to quickly increase mining capacity and BTC accumulations

According to the management of the largest mining company, the country’s leadership in these areas is important for maintaining national security

The company is following the lead of analytics software provider Strategy (formerly MicroStrategy), Michael Saylor, which began investing in bitcoin in 2020 and has since become the largest holder of the first cryptocurrency among publicly traded companies.

Strategy used various market offerings, including selling shares, to accumulate 506 137 BTC worth $42,4 billion. According to Bitcoin Treasures, Marathon is in second place behind Strategy with accumulations of 46 374 BTC worth $3,8 billion.

Strategy announces plans to raise $2 billion in bitcoin purchases

The company noted that the net proceeds from the offer will primarily go to finance purchases of cryptocurrencies

Last July, Marathon CEO Fred Thiel announced that the company was shifting to a long-term holding strategy and would no longer sell mined bitcoins to fund its operations, and would begin buying additional coins to build up a reserve.

Early last year, the company had already placed up to $1,5 billion in additional shares. In November, it also issued $1 billion in convertible senior notes with plans to use most of the proceeds to buy bitcoins.

Canadian miner Bitfarms has bought US competitor Stronghold Digital

The deal amount exceeded $110 million

The company’s shares under the ticker MARA are trading at $12,47 on the Nasdaq, having lost 8,58% overnight amid Microsoft dropping plans to invest in new data centers in the United States and Europe. Over the month securities added 1,75%, but the fall since the beginning of the year amounted to 28,62%.

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