Marathon Digital Holdings (MARA) has announced a $2 billion stock offering to increase its Bitcoin holdings, following a previous $1.4 billion raise for similar purposes. The funds will be raised through an at-the-market equity program, with Barclays and BMO Capital Markets facilitating the sale. MARA plans to allocate 40% of the new capital to Bitcoin purchases, 35% to general corporate needs, and 25% to working capital, signaling its commitment to Bitcoin as both a miner and long-term holder.

The decision to buy rather than mine Bitcoin stems from increased mining costs due to halving events and rising energy prices. By purchasing Bitcoin directly, MARA aims to mitigate mining volatility and align with strategies employed by firms like MicroStrategy. This approach is supported by MARA's strong liquidity position, with a current ratio of 4.94, allowing it to raise and deploy capital effectively.

Currently, MARA holds 46,376 Bitcoin, making it the second-largest holder among public companies, after MicroStrategy. The company's aggressive strategy has seen its Bitcoin holdings grow significantly in 2024. Despite market volatility and criticism from figures like Peter Schiff, MARA remains focused on long-term Bitcoin adoption, positioning itself as a digital asset holding firm. This move may appeal to investors who are optimistic about Bitcoin's future.