Marathon Digital has acquired 6,474 BTC in November, bringing its total holdings to 34,794 BTC. The firm has $160M set aside for future Bitcoin purchases at a lower cost.
According to a statement issued on November 27, Marathon Digital (MARA) has acquired an additional 703 Bitcoin, increasing the total number of BTC purchased in November to 6,474 BTC. The company has allocated $160 million of its remaining proceeds to acquire additional Bitcoin at a reduced price.
MARA successfully raised $1 billion through a zero-interest convertible senior note issuance, which was the catalyst for the acquisitions. The company stated that a portion of the $980 million net proceeds was utilized to repurchase $200 million of its existing 2026 notes.
The second-largest corporate Bitcoin holder, following MicroStrategy, is now the foremost Bitcoin miner, with an estimated 34,794 BTC in its possession, valued at $3.3 billion at current Bitcoin prices.
Marathon’s holdings account for 0.16% of the total supply of Bitcoin, while MicroStrategy maintains 1.8%.
“Bitcoin is definitely something every company should have on its balance sheet,” Marathon CEO Fred Thiel told Yahoo Finance, citing Bitcoin’s finite supply as a hedge against inflation and currency devaluation.
Marathon Digital’s shares closed up nearly 8% on Wednesday, and the stock price has increased by approximately 14% year-to-date, according to Yahoo Finance data.
According to data from Bitcoin Treasuries, public companies have increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC year-to-date. In November alone, over 143,800 BTC were added, compared to approximately 2,400 BTC in October.
MicroStrategy’s aggressive acquisition strategy is the primary factor contributing to its expansion. In November, the organization acquired more than 130,000 bitcoins, with its most recent acquisition occurring last week.
A treasury reserve strategy for Bitcoin is also being implemented by an increasing number of organizations this month.
Rumble disclosed its intention to allocate up to $20 million of its surplus cash reserves toward Bitcoin acquisitions on Monday. The decision was made shortly after Rumble CEO Chris Pavlovski disclosed the concept of including Bitcoin in the company’s balance sheet, which was endorsed by Michael Saylor.
In November, the AI firm Genius Group acquired Bitcoin valued at $14 million. The company is dedicated to maintaining a minimum of 90% of its reserves in Bitcoin, with the ultimate objective of accumulating $120 million in total Bitcoin investments.
