Bitcoin miner MARA Holdings Inc. has announced plans to sell up to $2 billion worth of its stock, with a significant portion of the proceeds earmarked for acquiring more Bitcoin. The move mirrors the strategy of Michael Saylor’s firm, formerly known as MicroStrategy, which has used similar methods to amass substantial Bitcoin reserves.

Stock Sale to Fund Bitcoin Purchases

MARA Holdings, previously Marathon Digital, disclosed the stock sale in a March 28 Form 8-K filing with the U.S. Securities and Exchange Commission (SEC). The company has entered into an at-the-market agreement with investment firms, including Cantor Fitzgerald and Barclays, to facilitate the sale over time.

In its filing, 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.”

The move places MARA among the leading corporate Bitcoin holders, with the company already owning 46,374 BTC—currently valued at approximately $3.9 billion, according to Bitbo data. This places MARA second only to Saylor’s firm, which holds a staggering 506,137 BTC worth around $42.4 billion.

A ‘Full HODL’ Approach

MARA’s CEO, Fred Thiel, has previously emphasised the company’s commitment to retaining its Bitcoin holdings. Unlike many crypto miners who sell portions of their mined Bitcoin to fund operations, MARA has pledged to hold onto its Bitcoin reserves and even purchase more.

The latest stock sale follows a similar move early last year, when MARA offered up to $1.5 billion in shares. In November, the company also issued $1 billion in zero-coupon convertible senior notes, using most of the proceeds to buy additional Bitcoin.

Market Reaction and Bitcoin Price Movement

Despite the ambitious plan, MARA’s stock took a hit following the announcement. Google Finance data shows that MARA closed trading on March 28 down 8.58% at $12.47. This continued into overnight trading on March 30, with shares slipping a further 4.6% to $11.89, according to Robinhood.

The decline comes amid broader uncertainty in the crypto mining sector. Stocks were rattled earlier in the week after reports surfaced that Microsoft had abandoned plans to invest in new data centres in the U.S. and Europe, raising concerns over infrastructure expansion.

Meanwhile, Bitcoin itself has seen a minor dip. After reaching a local high of approximately $83,500, it has pulled back slightly, trading just above $82,000—down 1.2% over the past 24 hours, according to CoinGecko.

A Growing Trend Among Corporates

MARA’s aggressive accumulation of Bitcoin reflects a broader trend among publicly traded companies seeking exposure to the cryptocurrency. Michael Saylor’s firm pioneered the strategy of using stock offerings and debt instruments to purchase Bitcoin, and MARA is now following suit.

While the stock market response has been mixed, MARA remains committed to its long-term vision of building one of the largest corporate Bitcoin reserves.