Bitcoin mining company MARA Holdings (MARA) is launching a fresh $2 billion stock offering to buy more bitcoin, continuing its plan of buying BTC in the open market through capital raise while sticking to its “Hodl” strategy.

According to a Form 8-K and a new prospectus filed with the U.S. Securities and Exchange Commission (SEC), MARA entered into an at-the-market (ATM) equity program with a group of investment banks including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, and others. The proceeds of the offering, which will see brokers selling shares of the miner from time to time, will be used mainly for the acquisition of bitcoin in the open market.

“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” MARA said in its prospectus.

This new fresh stock sales plan follows a previous ATM offering that targeted up to $1.5 billion for the miner.

MARA has adopted Michael Saylor’s strategy of raising funds through equity and convertible bond offerings and buying bitcoin in the open market. The miner now holds 46,376 BTC in its treasury, making it the second-largest bitcoin stash among publicly traded companies, behind Strategy’s 506,137 BTC.

The plan to buy bitcoin in the open market was adopted by the miner last year, even though a miner can theoretically mine bitcoin at a discount to the spot price. The industry became challenging after last year’s halving cut mining rewards by half, squeezing profit margins on the back of rising costs. This made buying bitcoin in the open market, alongside mining, a relatively better strategy for the miners.
Read more: Bitcoin Mining Is So Rough a Miner Adopted Michael Saylor’s Successful BTC Strategy

Proof-of-work cryptocurrency mining does not trigger federal securities laws, according to a Thursday staff statement from the U.S. Securities and Exchange Commission (SEC) which told mining operators they do not need to register their transactions with the regulator.

The statement, published by the SEC’s Division of Corporation Finance, declared that both solo proof-of-work crypto mining and pooled proof-of-work crypto mining do not meet the definition of a securities transaction under the Howey Test — the legal framework used to determine whether a transaction represents an investment contract — because they are “not undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”

The statement puts to rest any lingering fears that the SEC’s enforcement division could turn its gaze on proof-of-work crypto miners. Though the agency, under the leadership of former Chair Gary Gensler, begrudgingly admitted that bitcoin was a commodity rather than a security, the agency’s enforcement suit against Utah-based Green United, an alleged ponzi scheme accused of defrauding customers in a cloud mining scheme, prompted concerns among some in the industry that the agency would eventually crack down on legitimate crypto miners.

The SEC said that Thursday’s statement is “part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets” — something the industry has been pushing for for years. Under the new leadership of Acting Chair Mark Uyeda, who established a Crypto Task Force spearheaded by crypto-friendly Commissioner Hester Peirce, the agency has rapidly begun reversing course on its approach to crypto, dropping lawsuits and investigations started under Gensler and repealing the controversial Staff Accounting Bulletin 121.

Thursday’s staff statement comes shortly after the SEC put out a similar staff statement in February declaring most memecoins to be outside the regulator’s jurisdiction.

Read more: As Congress Talks Up Its Earth-Shaking Bill, Regulators Are Already at Work

Under its new leadership, the SEC has signaled a much greater willingness to work with the crypto industry to craft better, clearer regulations moving forward. On Friday, the agency will host a roundtable discussion on what makes a cryptocurrency a security – the first in a series of roundtable discussions between the regulator and industry participants.

Bitcoin’s cultural footprint has evolved significantly, from peer-to-peer currency to a canvas for artistic and community expression through Ordinals. Now, Blockware, a pioneer known for introducing mining-as-a-service to North America, is bridging two foundational aspects of the Bitcoin ecosystem—mining infrastructure and digital collectibles—through a unique model of community-driven participation and reward distribution.

Blockware, having mined over 15,000 BTC, deployed more than 500 MW of energy, and distributed over 400,000 mining servers, is leveraging its scale and expertise to introduce an innovative concept: integrating Bitcoin mining rewards with Ordinals to foster community engagement. This approach transcends typical digital art collections, positioning itself as a significant advancement in the utility and purpose behind Ordinals.

The initiative, named Hashrate Hackers, introduces a mechanism where participants don’t merely collect digital art but actively contribute to and benefit from the strength of Bitcoin’s network. Rather than passive ownership, Hashrate Hackers transforms collectors into active community members who compete in regular, skill-based events called “Hacks.” These Hacks reward participants with Bitcoin sourced directly from mining proceeds, effectively redistributing the value generated by Blockware’s professionally scaled mining operations.

Beyond the aesthetic appeal and cultural resonance of the artwork—meticulously crafted in homage to early digital pioneers with an imaginative steampunk aesthetic—the real innovation lies in the project’s underlying economic model. Funds raised through Hashrate Hackers collections directly support and expand mining operations, with competitive advantages like optimized energy rates, premium hardware, and strategic mining pool allocations ensuring maximized returns.

This circular economy enriches the Bitcoin community ecosystem: collectors participate in activities that reinforce their stake in the network, while the rewards they earn from mining efforts continuously incentivize deeper engagement. The narrative, poetically framed as to “steal from the thieves,” aligns philosophically with Bitcoin’s foundational principles of decentralization, redistribution of power, and financial sovereignty.

The platform also opens opportunities for participants interested in deploying their own individualized mining operations, reflecting the project’s commitment to flexibility and deeper integration with Bitcoin’s core infrastructure.

Hashrate Hackers exemplifies a novel integration between mining—a traditionally industrial and capital-intensive sector—and the creative, culturally vibrant sphere of Ordinals. By harnessing community strength, strategic mining capabilities, and the transformative potential of digital art, this model not only enhances community participation but also serves as a blueprint for future innovation in blockchain-based ecosystems.

In essence, Hashrate Hackers is pioneering a practical yet creative path forward, redefining how cultural participation and economic utility intersect within the Bitcoin network.

This is a project that is serious about art, Ordinals, and about contributing to Bitcoin. 
Join the @HashrateHackers on X and click here to learn more and get involved.

Disclaimer: This article is sponsored content and does not necessarily reflect the views or opinions of Bitcoin Magazine. The information provided is for promotional purposes and should not be considered financial advice. Readers are encouraged to conduct their own research before making any investment decisions related to Bitcoin or other financial products mentioned herein.