MARA launches $2 billion stock offering to buy bitcoin and more
MARA Holdings, the second-largest corporate bitcoin holder, with 46,376 bitcoin, said it plans to launch a $2 billion stock offering to buy more bitcoin and for working capital. The stock was down over 9% in early trading on Monday morning.
The company said it entered into an at-the-market equity program with Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim, Wainwright, and Mizuho Securities.
Last November, Mara completed a $1 billion offering of 0% convertible senior notes due 2030.
Another newcomer using this approach is GameStop, which announced last week that it would launch a bitcoin reserve. Subsequently, the company said it would also offer $1.3 billion in convertible notes with a 0% coupon mainly to buy bitcoin, which investors didn’t react well to. GME is down over 18% over the past week.