Bitcoin mining company Mara Holdings (Mara) has launched a fresh $2 billion stock to buy more Bitcoin and continues its plans to buy BTC in the open market through Capital Raise, sticking to its “HODL” strategy.
According to a new prospectus filed with Form 8-K and the U.S. Securities and Exchange Commission (SEC), Mara joined the Markets (ATM) equity program along with a group of investment banks including Barclays, BMO Capital Markets, BTIG, Canter Fitzgerald and others. The proceeds from offerings that see brokers sell miners’ shares from time to time are used primarily for the acquisition of Bitcoin in the open market.
“We are currently planning to use the net income from this offer for general corporate purposes, including Bitcoin acquisitions and working capital,” Mara said in her prospectus.
This new fresh stock sales plan follows previous ATM offerings covering up to $1.5 billion for miners.
Mara employs Michael Saylor’s strategy of raising funds through equity and convertible debt provisions and purchasing Bitcoin in the open market. Miners currently own 46,376 BTC in the Treasury, making it the second largest Bitcoin stash among public companies, after the strategy’s 506,137 BTC.
Plans to buy Bitcoin in open markets were adopted by miners last year, despite the theory that miners could mine at a spot price. The industry has been challenging only half of the cut mining rewards of half of last year, narrowing its profit margins against the backdrop of rising costs. This allowed them to purchase Bitcoin in the open market, along with mining, a relatively good strategy for miners. Read more: Bitcoin Mining Very Rough Miner Adopted Michael Saylor’s Successful BTC Strategy