Bitcoin miner MARA Holdings (formerly Marathon Digital) has announced a bold $2 billion stock offering aimed at one thing—buying more Bitcoin. In a filing with the SEC, the company revealed it’s entered into an at-the-market agreement with major financial firms, including Barclays and BMO, to sell shares over time. Proceeds are earmarked for corporate operations and BTC accumulation.

This move strengthens MARA’s identity as not just a mining firm, but a Bitcoin-holding company. With over 46,000 BTC already on the books—second only to Strategy (formerly MicroStrategy)—MARA is leaning into the corporate treasury playbook popularized by Michael Saylor.

Despite macro uncertainty and market pullbacks—MARA stock recently slid 8.5%—the firm is pushing forward. The decision follows a strong Q4 2024 earnings report: $214.4 million in revenue and a 248% surge in net income. Even with a 27% production decline post-halving, high BTC prices helped MARA beat expectations.

As Bitcoin hovers near $81,000, some might see MARA’s aggressive buy strategy as a bullish signal. Others might note the broader decline in crypto stocks and tread carefully. One thing is clear: MARA is playing the long game, continuing to “HODL” mined BTC and now preparing to buy more.

Is this the time to follow the miners—or wait for lower entry points?

This is not financial advice. Always do your own research before investing.