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Marathon Digital Holdings Is The Second-Largest Holder Of Bitcoin

Marathon Digital Holdings, the Bitcoin mining company, is now understood to be the second-largest holder of Bitcoin in the world among publicly-listed companies.

It has been reported that during the company’s third-quarter earnings call on November 8, Marathon Digital CEO Fred Thiel revealed the company now holds 11,300 BTC, worth around $205 million at the time of writing, “making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide,” referring to unnamed third-party data.

However, according to CoinGecko, the Nasdaq-listed crypto miner is ranked second only to MicroStrategy Inc., which holds nearly 130,000 BTC. It’s followed by crypto exchange Coinbase and Jack Dorsey-founded payments company Block Inc.

The report said that the company reported its third-quarter earnings on November 8, noting that it added 616 BTC to its holdings in the quarter, while another 615 BTC was added in the month of October alone — the most productive month in the company’s history.

Thiel said during the conference call:

“The consistent improvement in our Bitcoin production is the direct result of increasing our hash rates by bringing more Bitcoin servers online and improving those servers.”

Likewise, he also confirmed that to date, the company still has not sold any of its Bitcoin, and will continue to take that position unless deemed “necessary to cover operating expenses or other expenses.” This differs from other major miners such as Argo, Bitfarms, Core Scientific, and Riot Blockchain, all of whom had reported selling coins in order to pay bills.

Thiel also used the call to make mention the “battle” between Binance CEO Changpeng Zhao and Sam Bankman-Fried, which he says is causing “turmoil” for the price of Bitcoin but said it would likely come back to a range of around $18,000 to $20,000, which they “feel very comfortable” in.

Thus, Thiel called the third quarter a period of “transition and rebuilding” after its exit from Hardin and it begins out capabilities in new locations, including the King Mountain wind farm in Texas.

Source: Cointelegraph



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