MARA Holdings Inc. plans to offer $200M worth of its stock to fund additional Bitcoin purchases.

In a March 28 Form 8-K filing with the Securities and Exchange Commission, the Florida-based Bitcoin miner disclosed that it’s teaming up with several major investment firms to sell shares “from time to time” under a new at-the-market offering.

Mara Holdings, Inc. (NASDAQ: MARA) plans to sell up to $2 billion worth of its stock to fund additional Bitcoin purchases, as per a recent filing with the Securities and Exchange Commission (SEW).

The Florida-based Bitcoin miner will be working with several major investment firms, including Barclays, Cantor Fitzgerald, and Guggenheim Securities, to sell shares “from time to time” under a new at-the-market offering, the company disclosed in a March 28 Form 8-K filing.

The company stated that the proceeds will be used for general corporate purposes, including increasing its Bitcoin holdings.

According to a prospectus filed by the company, shares may be sold directly on Nasdaq or via negotiated transactions. The offering will provide MARA with the flexibility to sell shares as needed, with no set timeline or volume commitment.

As of Thursday morning, MARA shares were trading at $11.89, down 4.6% in the pre-market session and further extending declines following a 8.6% drop on Wednesday.

MARA already holds over 46,000 BTC, currently worth nearly $4 billion. The latest move underscores the company’s commitment to a “full HODL” strategy, where it plans to keep all the Bitcoin it mines and buy more to stockpile for the long haul.

This offering follows a $1.5 billion ATM program launched last year and a $1 billion zero-coupon convertible note sale in November, also with the aim of boosting its Bitcoin holdings.

MARA, the second largest publicly traded company by corporate Bitcoin holdings, is following a similar playbook to Michael Saylor’s Strategy (NASDAQ:STRK), which recently announced plans to raise up to $21 billion via its STRK preferred stock offering as part of its “21/21” roadmap.

The plans to accumulate more Bitcoin come after a profitable run for MARA. In the fourth quarter of 2024, the company pulled in $214.4 million in revenue, a 37% increase from the previous quarter. The company also ended the year with a net income of $528.3 million, a 248% year-over-year surge. Adjusted EBITDA soared 207% to $794.4 million, setting a new benchmark for the mining sector.

Last month, MARA also completed the acquisition of a wind farm in Hansford County, Texas. The site, which offers 114 megawatts of wind power and 240 MW of interconnection capacity, will be used to power older mining rigs that would have otherwise been retired.