Marathon Digital acquires 700 BTC as Bitcoin reserve strategy gains momentum

• Marathon now holds 34,794 BTC, worth $3.3 billion, solidifying its rank as the second-largest corporate Bitcoin holder.
• From $1 billion raised by Marathon, $160M still remains for future Bitcoin purchases.
• Public firms added 143,800 BTC in November, led by Marathon and MicroStrategy.

Marathon Digital (MARA) has solidified its position as a major corporate Bitcoin holder, acquiring 703 BTC in November, increasing its total to 6,474 BTC.

Marathon holds about 34,794 BTC, worth $3.3 billion, making it the second-largest corporate Bitcoin holder behind MicroStrategy. Marathon holds 0.16% of Bitcoin’s total supply, whereas MicroStrategy holds 1.8%.

Marathon raised $1 billion through a zero-interest convertible senior note offering alongside its Bitcoin strategy. The company allocated $200 million from the $980 million in net proceeds to repurchase part of its 2026 notes and set aside $160 million for additional Bitcoin acquisitions at better prices.

Marathon’s shares surge as Bitcoin adoption grows

The announcement resulted in a positive market response, with Marathon’s shares climbing almost 8% on Wednesday, contributing to a 14% rise in the company’s year-to-date performance.

Marathon’s investments match the trend of publicly traded companies adopting Bitcoin as a treasury reserve asset.

Bitcoin Treasuries data shows that public companies now hold increasing amounts of Bitcoin in 2024. The total amount of Bitcoin these companies currently hold is 508,111 BTC, up from 272,774 BTC on January 1, around 143,800 BTC of which were added in November, compared to approximately 2,400 BTC in October.

MicroStrategy is leading this surge, having added over 130,000 BTC to its reserves in November, including a record acquisition last week.

Other companies are adopting Bitcoin. According to the press release, Rumble plans to invest up to $20 million of its cash reserves into Bitcoin, a strategy backed by MicroStrategy’s Michael Saylor.