Marathon Digital $2B stock sale to buy more BTC.
News Headlines
Price Action
After attempting a breakout above the 200-day moving average, BTC has tumbled back below it in recent days.
Figure 1: BTC and its key bull market moving averages.
If it fails to hold this level to make a higher low, then the next support area is the 1-year moving average, currently at $75,500.
The recent months of sideways and then downwards price action are taking their toll on BTC historical price performance. Over the past year, BTC is now up +16.37%. Still an impressive return, but not the kind of returns many people expect in a bull market for Bitcoin.
Figure 2: BTC performance over the past 12 months.
The result is uncertainty and fear among many market participants who are questioning whether Bitcoin can rally higher. This is reflected in the Fear & Greed Index, currently stuck in the Fear zone with a score of just 32.
Figure 3: Fear & Greed Index.
The Big Story: MARA Massive Stock Sale to Buy More BTC
Marathon Digital Holdings (MARA), one of the largest Bitcoin mining companies, has initiated a $2 billion at-the-market (ATM) stock offering to fund additional Bitcoin acquisitions and support general corporate purposes.
This move follows a prior ATM offering that raised $1.4 billion, enabling MARA to increase its Bitcoin holdings from 13,726 BTC to 46,374 BTC.
Already, Marathon Digital Holdings has the second largest holding of bitcoin on its balance sheet - second only to MicroStrategy.
The Bitcoin Magazine Pro Treasury table shows the leading Public Companies holding Bitcoin on their balance sheet. Marathon Digital is consistently in the top 3 companies:
Figure 4: Public Companies Treasury Holdings - Top 3.
Riot Platforms, another Bitcoin mining company, is some distance behind Marathon, holding 18,692 bitcoin on its balance sheet.
Marathon currently holds 0.22% of the total 21 million supply of bitcoin, with this latest announcement, that percentage will now significantly increase in the coming months.
The ATM program involves collaboration with investment banks such as Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald, who will facilitate the sale of MARA shares.
MARA intends to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and working capital.
The Bitcoin Magazine Pro Treasury Treemap shows the relative size of Bitcoin holdings that Marathon Digital currently has compared to other Public Companies holding bitcoin in the US (Blue), Canada (Green) and Rest of the World (Red).
Figure 5: Bitcoin Treasury Treemap for Public Companies.
Live Chart Review: Bitcoin Seasonality - April
Figure 6: Bitcoin Seasonality - price performance by month.
As we head into Q2 2025 with BTC struggling to perform in recent weeks, it is interesting to note how Bitcoin has performed by month since December 2010.
While November has typically been a stellar month for Bitcoin, with an average performance of 43.74%, April is not too shabby either. Historically, it has averaged a return of 11.26% for Bitcoin.
Let’s see if Bitcoin can match that monthly average in April 2025.
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Are you saying MARA more than 3xed their treasury with their latest purchased?