Is MARA Holdings the New Bitcoin Hoarder? You Won’t Believe Their Latest Move! 💰

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Ah, MARA Holdings Inc., that audacious creature of the Bitcoin realm, has decided to embark on a grand adventure, offering a staggering $2 billion worth of its stock! One can only imagine the glee of the investment firms as they prepare to sell shares “from time to time,” like a merchant peddling wares in a bustling market square. 🏦

In a rather formal March 28 Form 8-K filing with the Securities and Exchange Commission—because what’s a good stock offering without a touch of bureaucratic flair?—the Florida-based Bitcoin miner revealed its cunning plan to join forces with several illustrious investment firms. It’s as if they’re assembling a team of superheroes, but instead of capes, they wear suits and ties. 🦸‍♂️

Now, the company, in its accompanying prospectus, has assured us that the proceeds will be used for “general corporate purposes.” But let’s not kid ourselves; buying more Bitcoin is clearly the star of this show, the prima donna demanding the spotlight! 🌟

According to the prospectus, MARA may sell its stock through the likes of Barclays, Cantor Fitzgerald, and Guggenheim Securities. It’s a veritable who’s who of finance! Sales will occur directly on Nasdaq or through some good old-fashioned negotiations. One can almost hear the clinking of glasses as deals are struck! 🍷

This offering grants MARA the delightful flexibility to dip into the market as it pleases, with no pesky timeline or volume commitments to bind its hands. Freedom! What a concept! 🎉

As of March 30, MARA shares were trading at a modest $11.89, down 4.6% in overnight trading, following an 8.6% drop on March 28. It seems the market is playing a game of musical chairs, and poor MARA is left standing! 🎶

With over 46,000 BTC already in its possession, worth nearly $4 billion, MARA is not just playing the game; it’s in it to win it! Their “full HODL” strategy is akin to a squirrel hoarding acorns for the winter—only these acorns are digital gold! 🐿️

This latest offering follows a $1.5 billion ATM program launched last year and a $1 billion zero-coupon convertible note sale in November. It’s as if MARA is on a relentless quest to boost its Bitcoin holdings, like a child collecting candy on Halloween! 🍬

Second only to Strategy in corporate Bitcoin holdings, MARA is following a playbook reminiscent of Michael Saylor’s firm, which recently unveiled plans to raise up to $21 billion via its STRK preferred stock offering. It’s a race to the top, and everyone wants to be the king of the Bitcoin hill! 👑

Plans to stack up more Bitcoin come on the heels of a profitable run for MARA. In Q4 2024, the company raked in $214.4 million in revenue, a delightful 37% increase from the previous quarter. They ended the year with a net income of $528.3 million, a jaw-dropping 248% jump year-over-year! Adjusted EBITDA surged 207% to $794.4 million, setting a new benchmark for the mining sector. It’s enough to make one’s head spin! 💫

Last month, MARA also wrapped up its acquisition of a wind farm in Hansford County, Texas. This site, boasting 114 megawatts of wind power and 240 MW of interconnection capacity, was acquired to power older mining rigs that would’ve otherwise been retired. It’s a tale of resurrection, like a phoenix rising from the ashes—if the phoenix were powered by wind! 🌬️

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2025-03-31 10:01