YEREVAN (CoinChapter.com) —
Marathon Digital announced a $2 billion at-the-market stock offering in an SEC filing dated March 30, 2025. The company confirmed it will sell shares to fund operations and increase its Bitcoin holdings.
According to the filing, the proceeds will be used for “general corporate purposes,” including the purchase of more Bitcoin. The plan follows Marathon’s ongoing strategy of expanding its crypto balance sheet.
The filing shows Marathon aims to strengthen its position in the Bitcoin mining sector by using the stock offering as a tool to raise capital without taking on debt.
Marathon Increases Bitcoin Holdings to 46,376 BTC
Marathon Digital currently holds 46,376 BTC, up from 13,726 BTC in early 2024. This growth makes it the second-largest Bitcoin holder among publicly traded companies, behind only MicroStrategy.
The company stated,
“We believe we are the second largest holder of bitcoin among publicly traded companies.”
It also said it uses lending and forward contracts to generate returns from its Bitcoin holdings.
Marathon Digital’s Bitcoin strategy has resulted in large-scale accumulation over the past year. The company’s filing also emphasized that holding Bitcoin is part of its long-term operations approach.
Stock Offering May Lead to Shareholder Dilution
The stock offering could dilute current shareholder value. By issuing new shares, Marathon increases the number of outstanding shares, which may lower each share’s value.
Marathon’s stock (MARA) traded at $12.47 on March 31, 2025, down from its 52-week high of $24, based on Yahoo Finance data. The drop reflects price pressure and possible investor caution.
Because the offering is at-the-market, Marathon Digital can issue shares over time. This method allows more flexibility but may continue to impact MARA stock depending on market demand.
Heavy Exposure to Bitcoin Price Movement
The company’s strategy creates direct exposure to Bitcoin price volatility. If Bitcoin drops sharply, the value of Marathon’s Bitcoin holdings may also fall.
This risk affects the company’s overall financial health, especially since a large part of the raised capital is being used to buy more Bitcoin. The company’s balance sheet becomes more sensitive to Bitcoin price swings.
While Marathon Digital continues to operate as a mining company, its growing reliance on Bitcoin holdings links its business results closely to the crypto market’s performance.
CEO Fred Thiel Comments on Bitcoin Accumulation Approach
Fred Thiel, Marathon Digital’s CEO, explained that he recommends regular monthly Bitcoin investments. His statement aligns with the company’s Bitcoin-focused strategy.
Though the comment appeared in context of the broader business strategy, the quote highlights Marathon’s stance on long-term Bitcoin accumulation.
Marathon’s BTC yield approach also includes lending Bitcoin and entering into options contracts. These steps aim to increase returns on the existing holdings.