MARA Holdings Stock Tanks Pre-Market After Unveiling $2B Stock Sale To Buy More Bitcoin – Retail Fixates On BTC’s Price Drop

Shares of Bitcoin miner MARA Holdings (MARA) fell more than 8% in pre-market trading Monday after the company announced plans to sell up to $2 billion in stock to acquire more Bitcoin (BTC), echoing a strategy employed by Bitcoin advocate Michael Saylor.

The stock’s decline coincided with a weakening Bitcoin, which has lost more than 1% in the past 24 hours and traded just above $82,000, according to CoinGecko.

Over the past month, Bitcoin has fallen more than 3% and remains nearly 25% below its all-time high of almost $109,000, seen in January.

In a filing with the U.S. Securities and Exchange Commission (SEC), MARA Holdings disclosed that it had entered into an at-the-market agreement with investment firms, including Cantor Fitzgerald and Barclays, to sell up to $2 billion worth of stock "from time to time."

“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and for working capital,” the company stated.

The move mirrors a strategy championed by Saylor, the executive chairman of Strategy (MSTR), which has used stock sales and other market offerings to build its substantial Bitcoin reserves. 

Strategy is currently the largest corporate holder of Bitcoin, with 506,137 BTC valued at approximately $42.4 billion, according to Bitcoin Treasuries.

MARA Holdings ranks as the second-largest corporate Bitcoin holder, with 46,374 BTC worth around $3.9 billion.

The planned stock sale follows a similar offering last year, in which MARA sought to raise up to $1.5 billion. In November, the company issued $1 billion in zero-coupon convertible senior notes, allocating most of the proceeds toward Bitcoin acquisitions.

On Stocktwits, retail sentiment around MARA’s stock dipped lower into ‘bearish’ territory, amid tepid levels of chatter.

One user argued that MARA has limited upside potential, suggesting shorting the stock as the best trade, citing Bitcoin’s continued weakness as a key driver for further declines.

Conversely, another user remained optimistic, advocating a buy-and-hold approach while downplaying current losses as temporary.

MARA’s stock has declined more than 44% over the past year and is down 28% in 2025. 

Meanwhile, Bitcoin has gained 17% over the past year but is down 12% in 2025.

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