ATM2026-02-20
MARA Holdings
$MARA$2B ATM Equity Program — Neutral to BTC Per Share at Current mNAV
MARA filed a prospectus supplement establishing a new $2 billion at-the-market equity offering program. Proceeds designated for general corporate purposes, including Bitcoin acquisition. This replaces the company's prior ATM facility.
Program Size
$2.0B
Type
At-the-Market
Current Shares
~310M
Max Dilution
~8.2%
IR Takeaway
At current mNAV of ~1.0x, this ATM is roughly neutral to BTC per share. Accretion depends entirely on execution discipline — deploying capital only when mNAV > 1.0x. Investors should watch the pace and timing of draws against BTC price, not just the headline size.