Bitcoin mining giant MARA has entered into yet another at-the-market (ATM) equity offering program, aiming to raise up to $2 billion.
The latest ATM plan signals MARA’s continued reliance on equity financing as it maintains the full hodl treasury strategy, retaining all of its monthly Bitcoin production instead of selling at least parts of that to cover operating expenses.
The company also issued zero-interest convertible bonds in late 2024, raising $2 billion to purchase additional Bitcoin following the MicroStrategy playbook. As of the end of February, MARA is holding 46,374 BTC on its balance sheet.
Although it is so proving a good strategy for companies, one confusion remains -
Is MARA burning fiat into Bitcoin Mining or is encouraging the use of Fiat?