Marathon Digital Holdings (MARA) Raises Capital with a New at-the-Market (ATM) Stock Offering to Buy More Bitcoin

Marathon Digital Holdings (MARA), one of the leading Bitcoin mining companies, is moving full steam ahead to solidify its position in the industry.

Marathon Digital Holdings (NASDAQ:MARA), a prominent Bitcoin miner, is making swift progress in solidifying its position within the industry. In a March 28 Form 8-K SEC filing, the Florida-based miner announced a new at-the-market (ATM) stock offering in collaboration with renowned investment houses. The funds raised will be utilized for general corporate purposes, with a strong emphasis on accumulating more Bitcoin.

At-The-Market Offering Details

The new ATM program grants MARA the authorization to sell shares “from time to time” through institutions like Barclays, Cantor Fitzgerald, and Guggenheim Securities. These sales can occur directly on Nasdaq or via negotiated transactions, providing MARA with the flexibility to raise capital as needed.

Unlike traditional stock offerings, this approach does not involve a fixed timeline or volume commitment, allowing the company to adapt to changing market conditions. The sales will be made in accordance with applicable securities laws, and a copy of the prospectus supplement, filed with the SEC, will be available on the SEC's website.

MARA's Unwavering Commitment to Bitcoin

MARA has consistently maintained a “full HODL” strategy, where it retains all the Bitcoin it mines rather than selling any. As of now, the company holds over 46,000 BTC, valued at nearly $4 billion.

This latest stock offering aligns perfectly with MARA's aggressive strategy of accumulating more Bitcoin for the long term. The move follows last year’s $1.5 billion ATM program and a $1 billion zero-coupon convertible note sale in November, both aimed at boosting its Bitcoin reserves.

Recent Financial Performance

Despite a recent dip in share price, MARA has been reporting impressive financial growth. Its stock price decreased by 4.6% to $11.89 by 12:34 PM ET (04:34 GMT) on Friday, following a 8.6% decline on Thursday.

The company’s Q4 2024 results saw revenues surge 37% quarter-on-quarter to $214.4 million, while net income reached $528.3 million, a record year-on-year growth of 248%.

Moreover, adjusted EBITDA soared 207% to $794.4 million, an all-time high for the Bitcoin mining sector. These results exceeded analysts’ expectations, leading to a surge in share price during Friday’s morning trade.

Sustainable Energy Ventures

In addition to expanding its Bitcoin holdings, MARA is also making strides toward sustainable mining. The company has recently completed the purchase of a Hansford County, Texas wind farm.

The facility boasts 114 megawatts of wind capacity and 240 MW of interconnection capacity, which will allow for the operation of current rigs to continue running effectively. This move underscores MARA’s focus on sustainable energy solutions as it continues to lead the Bitcoin mining sector.