Key Points

• In 2024, MARA injected the US economy with $2 billion from BTC mining.
• Meanwhile, Bitwise hinted at an upcoming “Great Balance Sheet Swappening.”

The Bitcoin mining MARA Holdings launched a huge $2 billion stock offering to buy more BTC, continuing its acquisition plan.

MARA is an American digital asset technology company that mines crypto, focusing on blockchain and digital assets.

While more companies continue to add BTC to their balance sheet, Bitwise, the world’s largest crypto index fund manager, hints at a potential upcoming Great Balance Sheet Swappening.

MARA Launched $2 Billion Stock Offering

On March 28, MARA released an official Form 8-K report with the US SEC, revealing that it launched a significant $2 billion stock offering to buy more Bitcoin.

The company 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, and it will use the proceeds from its offering mainly to buy more BTC.

MARA’s HODL Strategy

MARA adopted a full HODL strategy in 2023, when Fred Thiel, its Chairman and CEO, said that adopting the strategy reflects the company’s confidence in the long-term value of Bitcoin. He said that the company believes in the “world’s best treasury asset” and supports the idea of sovereign wealth funds holding it.

Thiel encourages governments and corporations to hold Bitcoin as a reserve asset.

On March 28, MARA announced via X that Thiel had joined WSJ’s CEO Council, a forum where global executives address critical business, economic, and policy issues, recognizing his leadership in transforming excess energy into digital capital.

MARA CEO @fgthiel joined @WSJ‘s CEO Council, a forum where global executives address critical business, economic, and policy issues—recognizing his leadership in transforming excess energy into digital capital. View the full list: https://t.co/2SdyqMhILW pic.twitter.com/fqF1a7Q30q

— MARA (@MARAHoldings) March 28, 2025

In 2024 alone, MARA invested $2 billion into the US economy via Bitcoin mining.

At MARA, we support local economies across the U.S. through bitcoin mining, creating new jobs and sustainable growth. Our 2024 investment included $215 million in Nebraska, $229 million in Ohio, and $1 billion in Texas. pic.twitter.com/B6DzL0hyyr

— MARA (@MARAHoldings) March 24, 2025

Meanwhile, amidst the global Bitcoin buying spree of more companies following in the footsteps of Strategy₿, which began its BTC acquisitions in August 2020, Bitwise hinted at a potential upcoming Great Balance Sheet Swappening.

Potential $40 Billion in Bitcoin Inflows

In a recent post on X, Bitwise said that if the top companies swapped just 5% of their cash for Bitcoin, the markets would see $40 billion in BTC inflows, an amount that is higher than what we’ve seen for spot BTC ETFs in the US.

As of March 28, the cumulative total net inflow in BTC ETFs was over $36,2 billion, according to data from SoSoValue.

Bitwise also shared a graph showing inflows in BTC and the AUM of US spot ETFs. According to their data, if companies allocated 15% of their cash to Bitcoin, the markets could see over $120 billion in BTC inflows.

It’s the Great Balance Sheet Swappening.

If the top 10 companies swapped just 5% of their cash for BTC, we’d see $40B in BTC inflows.

That alone is more than what we’ve seen for spot bitcoin ETFs. pic.twitter.com/rCWrcMlee9

— Bitwise (@BitwiseInvest) March 28, 2025

As institutional interest in BTC continues to grow, the markets maintain a bullish sentiment amidst the global rise in adoption.