MARA Holdings, the largest publicly traded bitcoin miner, is seeking to sell up to $2 billion in stock offering to expand its bitcoin stash.
The company filed its prospectus and a form 8-K on Friday with the U.S. Securities and Exchange Commission, reporting that it has entered into an at-the-market offering agreement with several investors, such as Barclays Capital, BMO Capital Markets, BTIG and Cantor Fitzgerald, among others.
MARA noted that it intends to use the proceeds for "general corporate purposes," including the acquisition of bitcoin and for working capital. "Our strategic initiatives primarily focus on mining and holding bitcoin as a long-term investment," MARA said.
The bitcoin miner currently holds 46,374 BTC, or about $3.8 billion based on current market prices, making it the second-largest publicly traded corporate holder of bitcoin, according to BitcoinTreasuries.net. This ranks just behind Michael Saylor's Strategy, which holds 506,137 BTC.
MARA's stock closed down 8.58% on Friday. Its stock price has fallen 27.54% year-to-date, according to Google Finance.
Meanwhile, GameStop, following in Strategy's footsteps, announced last week that it intends to offer $1.3 billion in convertible notes to begin its new bitcoin acquisition plan. It also said that it plans to update its investment policy to add bitcoin as a treasury reserve asset.
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