Coinspeaker
Marathon Digital Adds Over 5,000 Bitcoin in August as Holdings Surge to $1.5 Billion
Mining giant Marathon Digital Holdings (NASDAQ: MARA) made some aggressive acquisitions of Bitcoin BTC $58 328 24h volatility: 0.7% Market cap: $1.15 T Vol. 24h: $25.35 B in August. In a single month, Marathon added more than 5,000 Bitcoin (BTC) to bring its total Bitcoin holdings to 26,200 BTC, which is currently valued at approximately $1.5 billion. This growth means that the company has now become the second-largest public holder of Bitcoin, coming in behind only MicroStrategy.
Marathon of Acquisitions
Marathon shared the feat in a recent statement, where it showed its unwavering belief in Bitcoin for the long term. The statement reads:
“Acquiring #bitcoin is a marathon, not a sprint.”
By all ramifications, Marathon has been true to the statement above having been on a Bitcoin purchasing spree throughout the year. However, August proved to be its most aggressive month yet.
On August 14, Marathon Digital announced the acquisition of 4,144 BTC that brought its reserves to over 25,000 BTC at that time. By the end of the month, its Bitcoin holdings had increased to 25,945 BTC, and with some extra additions, the final count now stands at 26,200 BTC. Marathon’s endless Bitcoin buying has made it so that it now accounts for nearly 0.12% of Bitcoin’s total circulating supply.
Similarly to MicroStrategy, Marathon appears to be adhering strictly to a “HODL” policy. This strategy means that the firm would rather retain and build its reserves than sell all the Bitcoin it mines.
That is not to mention the periodic purchases that it has also committed to as part of its efforts to further expand its Bitcoin portfolio.
In all, Marathon’s long-term strategy so far may be yielding good results as Bitcoin’s value continues to show resilience and upward momentum. That is, despite the fluctuations within the market.
Bitcoin’s Growing Public Footprint
For what it’s worth, the influence of the acquisitions that Marathon and its cohorts have been embarking on have somehow had an impact on the presence of BTC on corporate balance sheets.
According to data from Bitcoin Treasuries, public companies have collectively increased their Bitcoin holdings from 272,770 BTC at the start of the year to 333,329 BTC.
This growth means that institutions are increasingly investing in Bitcoin as a hedge against inflation and economic uncertainty.
Additionally, holdings by ETFs and funds have also increased significantly. Currently, it has surpassed the 1 million BTC mark, up from 771,000 BTC at the beginning of the year.
Marathon Digital Adds Over 5,000 Bitcoin in August as Holdings Surge to $1.5 Billion
