Jonas Schnelli joins other Bitcoin developers who are sponsored by high-caliber Bitcoin companies.
The Nasdaq-listed mining company wants to become a "pure-play bitcoin investment option" for Wall Street.
The Las Vegas company has agreed to a direct offering of 12.5 million shares of common stock at $20 per share.
At the crypto market's 2017 peak, Marathon barely had $50 million in market capitalization.
Nasdaq-listed Marathon said it will use the funds to pay for recent hardware purchases from Bitmain and to expand its business.
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.
Mining companies are soaring as bitcoin hits record highs.
Following a string of investments, miners are increasingly optimistic about prospects for the U.S. market in 2021.
Marathon is holding more bitcoin on its balance sheet than ever before.
This marks the second 10,000+ machine order from Marathon since August.
The joint venture will see Marathon co-locate a bitcoin mining facility within Beowulf's Big Horn Data Hub at its 105-megawatt power station in Hardin, Montana.
The company gains 3,304 ASIC miners through the merger.
The company expects 1,000 more S19 machines by December.
The $23 million purchase will see Marathon's bitcoin mining capacity increase drastically, turning it into one of the largest miners in North America.