Key Takeaways
Marathon Digital (MARA) has acquired an additional 703 Bitcoin, bringing the total BTC purchased in November to 6,474 BTC. The company has set aside $160 million in remaining proceeds to purchase more Bitcoin at a lower cost. With the recent acquisitions, Marathon now holds approximately 34,794 BTC, making it the second-largest corporate Bitcoin holder after MicroStrategy.
The acquisitions were made after MARA successfully raised $1 billion through a zero-interest convertible senior note sale. Part of the net proceeds was used to repurchase a portion of its existing 2026 notes for $200 million.
Marathon’s Bitcoin holdings represent 0.16% of Bitcoin’s total supply, while MicroStrategy controls 1.8%. Marathon CEO Fred Thiel believes that Bitcoin is a valuable asset for every company to have on its balance sheet as a hedge against inflation and currency devaluation.
The growth in Bitcoin holdings by public companies is largely driven by MicroStrategy’s aggressive buying approach. In November alone, public companies increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC, with over 143,800 BTC added. This is compared to approximately 2,400 BTC added in October.
Other companies, such as Rumble and Genius Group, have also adopted a Bitcoin treasury reserve strategy. Rumble plans to allocate up to $20 million of its excess cash reserves to Bitcoin purchases, while Genius Group aims to hold 90% or more of its reserves in Bitcoin, with a target of reaching $120 million in total Bitcoin investments.