Bitcoin miner Marathon has filed a shelf registration with the U.S. SEC for an at-the-market offering of up to $2 billion in common stock.
The offering will allow the company to issue shares periodically at prevailing market prices.
According to Marathon’s prospectus, proceeds will be allocated for general corporate purposes, including acquiring Bitcoin, purchasing mining equipment, expanding facilities, or pursuing mergers and strategic investments.
The ATM structure offers the company flexibility to raise capital opportunistically while avoiding fixed terms or pricing.
Marathon has indicated that the capital raise aligns with its long-standing strategy of increasing its Bitcoin holdings and mining capacity.
The firm, which held over 15,000 BTC and $356 million in cash equivalents at year-end, previously utilized similar offerings to fund operational growth, including expanding its Abu Dhabi joint venture and acquiring a 20% stake in the MARA mining pool operator.
By opting to raise equity rather than incur additional debt, Marathon retains balance sheet flexibility and leverages its stock price to fund expansion. However, issuing up to $2 billion in new shares could dilute existing shareholders unless offset by increased revenue or asset growth.
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