TLDR
- Marathon Digital added over 5,000 BTC to its holdings in the last month
- MARA’s total Bitcoin assets are now valued at around $1.5 billion
- The company now holds 26,200 BTC, about 0.12% of Bitcoin’s total supply
- MARA is now the world’s second-largest public company holder of Bitcoin
- Bitcoin holdings by public companies and funds have increased significantly in 2023
Marathon Digital Holdings, a major Bitcoin mining company, has significantly increased its Bitcoin holdings over the past month.
The company added more than 5,000 Bitcoin to its reserves, bringing its total Bitcoin assets to 26,200 BTC. This amount is currently valued at approximately $1.5 billion.
The recent acquisition follows a pattern of steady growth for Marathon Digital. In mid-August, the company announced it had purchased over 4,144 BTC, pushing its reserves above 25,000 BTC.
By the end of August, this figure had grown to 25,945 BTC. The latest addition of over 5,000 BTC marks a continuation of this upward trend.
Marathon Digital’s strategy aligns with what’s known as a “HODL” policy in the cryptocurrency world. This approach, also employed by companies like MicroStrategy, involves holding onto acquired Bitcoin rather than selling it.
Marathon Digital not only retains all the Bitcoin it mines but also plans to make regular purchases to increase its holdings.
Acquiring #bitcoin is a marathon, not a sprint. pic.twitter.com/ZYuf1tq6cH
— MARA (@MarathonDH) September 12, 2024
With this latest increase, Marathon Digital has solidified its position as the second-largest public company holder of Bitcoin globally. The company now trails only MicroStrategy in terms of Bitcoin holdings among public companies.
According to data from Bitcoin Treasuries, Marathon Digital’s Bitcoin reserves now represent nearly 0.12% of the total Bitcoin supply.
The growth in Marathon Digital’s Bitcoin holdings reflects a broader trend in the cryptocurrency market. Since the beginning of 2023, Bitcoin holdings by public companies have seen a significant increase.
The total amount held by these companies has risen from 272,770 BTC to 333,329 BTC. Similarly, Bitcoin held by ETFs and funds has also grown, increasing from 771,000 BTC to over 1 million BTC during the same period.
Marathon Digital’s CEO, Fred Thiel, commented on the company’s strategy, saying,
“Our goal is to be a leader in the Bitcoin mining industry, and growing our Bitcoin holdings is a key part of that strategy. We believe in the long-term value of Bitcoin and are committed to increasing our position.”
The company’s decision to accumulate Bitcoin comes at a time when the cryptocurrency market has shown signs of recovery after a prolonged downturn. Bitcoin’s price has stabilized in recent months, and institutional interest in the digital asset appears to be growing.
As of September 2023, Marathon Digital holds 26,200 Bitcoin, valued at approximately $1.5 billion. This represents a significant portion of the company’s total assets and underscores its commitment to its Bitcoin-focused strategy.
