2025-03-31 16:00:55 by AMBCrypto

Journalist Share this article MARA aims to boost its BTC treasury through a $2B at-the-market equity program. Coinbase Prime inflows hint at growing institutional interest via OTC trades. Bitcoin[BTC] miner MARA Holdings is taking another bold step in its Bitcoin accumulation strategy with a newly launched $2 billion stock offering. The move reflects a growing trend among public companies seeking to increase exposure to BTC through direct market acquisition. Inside the MARA $2 billion ATM Equity program In a 28th of March filing with the U.S. Securities and Exchange Commission (SEC), MARA Holdings confirmed it had entered an at-the-market (ATM) equity program with investment banks, including Barclays, Cantor Fitzgerald, BMO Capital Markets, and BTIG. Under this program, up to $2 billion worth of common stock can be sold “from time to time” at the firm’s discretion. The company stated that proceeds would be used for general corporate purposes, particularly to purchase Bitcoin on the open market and maintain liquidity. The plan also revokes MARA’s previous $1.5 billion ATM program established in October 2023. This strategy, relying less on mining and more on acquisition, underscores the firm’s belief that buying Bitcoin outright has become more cost-effective than mining in the post-halving environment. Institutional accumulation on the rise: Coinbase Prime inflows spike A key sign that aligns with MARA’s timing is the recent spike in Coinbase Prime inflows, as shown in the CryptoQuant chart.  Coinbase Prime is a preferred execution and custody venue for U.S.-based institutions. When inflows to this platform surge, especially in both BTC [orange] and USD value (green), it typically indicates a wave of over-the-counter (OTC) trades by large entities. Source: CryptoQuant Since late 2023 and into Q1 2025, these inflows have consistently reached multi-billion-dollar levels, with several peaks suggesting institutional desks are actively accumulating Bitcoin behind the scenes.  These transactions are often not immediately visible on public order books, helping institutions avoid slippage on large orders. MARA’s $2 billion stock offering aligns with its strategy for BTC acquisitions during institutional accumulation trends. It highlights the use of OTC desks to discreetly increase BTC holdings while minimizing the impact on spot prices. MARA’s Bitcoin holdings and HODL strategy At the time of writing, MARA held 46,376 BTC in its treasury, worth approximately $3.9 billion at today’s prices, making it the second-largest publicly held Bitcoin treasury behind MicroStrategy. This aligns with CEO Fred Thiel’s July 2023 announcement that MARA would shift to a “full HODL” model, refusing to sell mined Bitcoin and instead acquiring more. By mirroring MicroStrategy’s blueprint of leveraging corporate instruments to acquire BTC, MARA positions itself as a long-term institutional player in the Bitcoin economy. MARA’s BTC bet MARA is betting big on Bitcoin by taking the acquisition route. The recent surge in Coinbase Prime inflows supports the narrative that institutions, including MARA, are quietly building their BTC positions through OTC channels. While short-term stock volatility may spook some investors, the company’s long-term play is clear: accumulate, hold, and lead. Share