MARA launches $2 billion stock offering to buy bitcoin and more

MARA Holdings, the second-largest corporate bitcoin holder, with 46,376 bitcoin, said it plans to launch a $2 billion stock offering to buy more bitcoin and for working capital. The stock was down over 9% in early trading on Monday morning.

The company said it entered into an at-the-market equity program with Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, Guggenheim, Wainwright, and Mizuho Securities.

Last November, Mara completed a $1 billion offering of 0% convertible senior notes due 2030.

Another newcomer using this approach is GameStop, which announced last week that it would launch a bitcoin reserve. Subsequently, the company said it would also offer $1.3 billion in convertible notes with a 0% coupon mainly to buy bitcoin, which investors didn’t react well to. GME is down over 18% over the past week.

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Sage D. Young

11/25/25

What will happen if bitcoin and ethereum hit key liquidation levels

Billions in forced liquidations have swept through crypto markets in Q4. Here are the major liquidation clusters on perpetuals protocol Hyperliquid where leverage may unwind.

Claire Yubin Oh11/25/25

BlackRock’s IBIT on track for its worst month of net outflows, as investors yank $2.3 billion from the bitcoin ETF in November

BlackRock’s iShares Bitcoin Trust ETF, the world’s largest bitcoin fund, is heading for its worst month of outflows since it launched in January 2024.

Investors have pulled over $2.3 billion (net) throughout November so far. The jitters come as bitcoin grapples with its worst downturn since 2022, when the entire crypto world shook following the fall of Sam Bankman-Fried’s FTX — bitcoin has dropped more than 40% from its October high as of Monday’s close.

With their soaring popularity redefining and legitimizing cryptocurrencies at an institutional level, spot bitcoin ETFs have become a key barometer of wider investor sentiment surrounding the digital currency — as well as risk assets more broadly.

Notably, spot bitcoin ETFs like BlackRock’s iShares Bitcoin Trust tend to see their inflows accelerate with rising prices, and amplify falling prices when outflows become dominant. Citi Research, cited by Bloomberg, found that this feedback loop sees a ~3.4% price drop for every $1 billion pulled out from bitcoin ETFs.

Yaël Bizouati-Kennedy

11/21/25

Bitcoin’s bloodbath slowed by Fed optimism, but as Citi analysts put it, crypto is “having a bit of a meltdown”

Bitcoin ETFs have seen $1.45 billion leave the funds this week so far.

Ethereum falls below a critical level

The last time ethereum was below $3,000 was in July 2025, after a number of corporate firms had begun to roll out their ethereum treasury strategies.

Sage D. Young11/20/25

Yaël Bizouati-Kennedy

11/20/25

Bitcoin on its way to worst Q4 since 2018 as analysts see key signal for “bitcoin bear market”

The Crypto Fear & Greed Index is seeing “the longest Extreme Fear streak since the FTX collapse.”

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