Bitcoin Mining Company MARA Plans to Sell Up to $2 Billion in Stock
According to a report by Cointelegraph, Bitcoin mining company MARA (formerly Marathon Digital) plans to sell stock valued at up to $2 billion, part of which will be used to purchase more Bitcoin.
In an 8-K filing and prospectus submitted to the U.S. Securities and Exchange Commission (SEC) on March 28, MARA stated that the company has entered into an at-the-market (ATM) agreement with investment firms such as Cantor Fitzgerald and Barclays to periodically sell up to $2 billion in stock.
MARA’s approach mirrors that of U.S. software development company Strategy (formerly MicroStrategy), which has accumulated 506,137 Bitcoins through various market means, including stock sales. Based on the current Bitcoin price of approximately $82,200, the total value of these Bitcoins amounts to $41.6 billion.
Data from Bitbo indicates that Strategy holds the most Bitcoin among publicly traded companies, while MARA ranks second with 46,374 Bitcoins, valued at about $3.81 billion.
According to previous reports from Zombit, MARA announced in July of last year that it had purchased an additional $100 million worth of Bitcoin and adopted a comprehensive “HODL” strategy regarding its Bitcoin financial policy, retaining all Bitcoins mined during operations and regularly making strategic purchases in the open market.
In addition to MARA and Strategy, Japanese investment firm Metaplanet is also steadily accumulating Bitcoin. The company announced today that its board has resolved to issue its tenth series of ordinary bonds, totaling 2 billion yen (approximately $13.32 million). The funds raised through this issuance will be used to purchase Bitcoin. As of March 24, Metaplanet holds a total of 3,350 Bitcoins, valued at approximately $27.5 million.
