Share this article
Bitcoin Miner Marathon to Raise $250M in Direct Stock Offering
The Las Vegas company has agreed to a direct offering of 12.5 million shares of common stock at $20 per share.
Updated May 9, 2023, 3:14 a.m. Published Jan 13, 2021, 11:36 a.m.
Bitcoin mining company Marathon Patent Group (MARA)https://hashrateindex.com/stocks/mara shares were down after the Nasdaq-listed firm announced it plans to raise up to $250 million through a direct stock offering.
- The Las Vegas-based company said Tuesday it has entered into a securities purchase agreement with institutional investors for the registered offering of 12.5 million shares of common stock at $20 per share.
- Marathon shares dropped to $21.83 on the news, sliding 16.5% in Tuesday’s pre-market session. In the past year, the company's shares have soared over 2,500%.
- Gross proceeds for this offering are expected to be $250 million.
- CEO Merrick Okamoto told CoinDesk in an email he intends to use the funds to, among other things, fund more mining machine purchases from Bitmain and expand his company's mining facilities amid the mining sector's ongoing "arms race" as manufacturers struggle to keep pace with demand.
- H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which closes on Jan. 15.
- The Las Vegas firm's shares surged last week to the highest in more than three years, bringing the firm a total market value of $1 billion. That number is now at $1.377 billion.
- The firm has recently invested heavily in new cryptocurrency mining equipment, making orders for 90,000 machines in October and December, expecting to reach a total mining capacity of 10.36 exahashes per second (EH/s) once the new machines are fully deployed.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: Cryptocurrency Mining Firm Marathon’s Market Cap Passes $1B
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pakistan, Binance Sign MOU to Explore Tokenization of $2B in State Assets: Reuters
The agreement comes as Pakistan accelerates the rollout of a formal crypto regulatory framework and explores blockchain-based distribution of government-owned assets.
What to know:
- Binance plans to tokenize up to $2 billion in bonds, treasury bills, and commodity reserves in Pakistan.
- The initiative is part of Pakistan's effort to use blockchain technology to attract foreign investment and enhance liquidity.
- Pakistan's regulatory actions align with global trends as countries like the UAE and Japan expand crypto exchange licensing rules.
Top Stories
