MARA to Raise $2B to Boost Bitcoin Holdings
Key Takeaways
Bitcoin miner MARA Holdings is planning a capital increase of up to USD 2 billion. The goal is to expand its Bitcoin reserves. The company is following the strategy of MicroStrategy, which is also heavily invested in Bitcoin. This move comes at a time of growing institutional demand for Bitcoin, particularly through over-the-counter (OTC) trading channels.
Details of the Share Sale Program
On March 28, 2025, MARA Holdings filed a notice with the U.S. Securities and Exchange Commission (SEC). In it, the company announced an “At-the-Market” (ATM) share program worth up to USD 2 billion. This allows shares to be sold flexibly depending on market conditions. The participating investment banks are Barclays, Cantor Fitzgerald, BMO Capital Markets, and BTIG.
The proceeds are primarily intended for the purchase of Bitcoin on the open market and to ensure liquidity. At the same time, a previous USD 1.5 billion ATM program from 2023 will be terminated.
Strategic Shift: Buying Instead of Mining
MARA Holdings is increasingly focusing on directly purchasing Bitcoin instead of mining it. The reason: after the most recent Bitcoin halving, mining has become less profitable. Buying on the open market appears more economical to the company. This strategy indicates that MARA views Bitcoin not just as a speculative asset, but as a long-term corporate reserve.
Growing Institutional Interest
Another indicator supporting the timing of MARA’s move is the increased inflow of funds to Coinbase Prime. This platform is primarily used by institutional investors in the U.S. According to data from CryptoQuant, BTC and USD inflows there have significantly increased since the end of 2023. Such movements suggest OTC purchases, where large amounts of Bitcoin are traded outside public exchanges. This helps avoid unnecessary impacts on the market price.
Current Bitcoin Holdings of MARA
At the time of reporting, MARA Holdings holds 46,376 BTC. This amounts to approximately USD 3.9 billion. This makes MARA the company with the second-largest publicly known Bitcoin reserve, after MicroStrategy. CEO Fred Thiel had already announced in July 2023 that the company was shifting to a “HODL” strategy – meaning it plans to stop selling Bitcoin and instead hold and accumulate it long-term.
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Long-Term Focus Despite Short-Term Risks
With the new share program, MARA is clearly committing to its Bitcoin strategy. Even though short-term fluctuations in its stock price are possible, the focus is on building long-term Bitcoin wealth. The parallel development of institutional demand through OTC channels further supports this strategy.
Our Assessment
MARA Holdings is pursuing a consistent path: buying, holding, and establishing Bitcoin as a strategic asset. The new share program is a clear signal to the market. It shows that the company is willing to mobilize capital to strengthen its position in the Bitcoin sector. For you as an observer of the crypto market, this is another indication that institutional players are increasingly viewing Bitcoin as a permanent component of their financial strategies.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $84,693.00 |
| 24h % | 2.09 % |
| 7d % | -3.62 % |
| 30d % | -8.93 % |
| 60d % | -17.38 % |
| 1y % | 22.18 % |
| Market Cap | $1,680,833,853,120.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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