Bitcoin mining company MARA Holdings Inc (MARA) plans to sell up to $2 billion in shares to acquire more Bitcoin, echoing the strategy of Michael Saylor.
Formerly known as Marathon Digital, MARA announced on March 28 in a Form 8-K and in a prospectus filed with the SEC that it has an at-the-market agreement with investment firms such as Cantor Fitzgerald and Barclays to sell up to $2 billion of its stock "from time to time."
MARA stated:
"We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital."
This approach mirrors the strategy popularised by Bitcoin enthusiast Michael Saylor, CEO of Strategy, the largest corporate holder of Bitcoin, formerly MicroStrategy, which has employed several market offerings to acquire Bitcoins.