Marathon Digital to Sell $2B in Stock, Doubling Down on Bitcoin Investment

Marathon Digital Plans $2B Stock Sale to Accelerate Bitcoin Buying Spree

Marathon Digital (MARA), one of the largest corporate holders of bitcoin, is preparing a $2 billion stock offering as part of its aggressive strategy to accumulate even more BTC.

In a filing with the U.S. Securities and Exchange Commission (SEC), the bitcoin miner revealed a new at-the-market (ATM) equity program that will allow shares to be sold gradually through major banks including Barclays, BMO Capital, BTIG, and Cantor Fitzgerald. The funds raised are expected to support general operations—with a strong focus on expanding its bitcoin holdings.

“The company plans to use proceeds from the offering to purchase bitcoin and bolster working capital,” the prospectus said.

This move comes on the heels of a prior $1.5 billion ATM program and mirrors the approach of MicroStrategy, which has famously converted equity into BTC. Marathon currently holds 46,376 bitcoins, trailing only MicroStrategy’s massive 506,137 BTC stash.

With rising operational costs and last year’s halving cutting block rewards in half, Marathon appears to be leaning further into buying bitcoin directly—rather than relying solely on mining—to grow its treasury.

The company’s stock sale is seen as a long-term bet on bitcoin’s value continuing to rise, despite recent volatility in the broader crypto market.

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