Bitcoin Mining Company Mara Holdings (Mara) is launching a new offer of shares of $ 2 billion to buy more bitcoin, continuing its plan to buy BTC in the open market through the capital increase while attacked to its “HODL” strategy.
According to an 8-K form and a new prospect presented before the United States Stock Exchange and Securities Commission (SEC), Mara celebrated a capital program (ATM) with a group of investment banks that include Barclays, BMO Capital Markets, Bigg, Cantor Fitzgerald and others. The income of the offer, which will make runners who sell mining shares from time to time will be used mainly for the acquisition of Bitcoin in the open market.
“We currently intend to use the net income of this offer for general corporate purposes, including Bitcoin’s acquisition and for working capital,” Mara said in his prospect.
This new fresh shares sales plan follows a previous automatic cashier that was addressed to up to $ 1.5 billion for the miner.
Mara has adopted Michael Saylor’s strategy to raise funds through equity and convertible bond offers and the purchase of Bitcoin in the open market. The miner now has 46,376 BTC in his treasure, which makes it the second largest Bitcoin larger stretch among companies that are negotiated publicly, behind the 506,137 BTC strategy.
The miner last year adopted the plan to buy Bitcoin in the open market, despite the fact that a miner can extract in bitcoin theory with a spot price discount. The industry became challenging after cutting mining rewards in the middle of last year, squeezing the profit margins in increasing costs. This made Bitcoin buy in the open market, together with mining, a relatively better strategy for miners.
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