Marathon Digital Holdings, a bitcoin mining company, is thought to be the second-largest publicly traded corporation in terms of Bitcoin holdings.
According to unnamed third-party data, Marathon Digital CEO Fred Thiel said during the company’s third-quarter earnings call on Nov. 8 that the company currently holds 11,300 Bitcoin, worth about $205 million, making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide.
The NASDAQ-listed cryptocurrency miner is rated second only to MicroStrategy Inc., which has approximately 130,000 total Bitcoin, in terms of holdings, according to CoinGecko. Coinbase, a cryptocurrency exchange, and Block Inc., a payments business created by Jack Dorsey, come after it.
On Nov. 8, the firm released its third quarter earnings, reporting that the quarter saw 616 Bitcoin added to its holdings, with another 615 Bitcoin added in October alone, the company’s most productive month ever.
.@fgthiel: "We have sequentially improved our bitcoin production, from 72 bitcoin in July, to 184 in August, then to 360 in September, and then to a record 615 in October. October was the most productive month in our Company’s history…" pic.twitter.com/wsfv0XOIuV
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022
“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,” said Thiel during the conference call.
The CEO of Marathon Digital further stated that up to this point, no Bitcoin has been sold by the business. This stance will be maintained unless it is deemed necessary to cover operating expenses or other expenses.
In contrast, other significant miners including Argo, Bitfarms, Core Scientific, and Riot Blockchain reported selling coins to pay their costs.
On Nov. 8, the company released its third quarter earnings, highlighting the addition of 616 Bitcoin to its holdings throughout the quarter and another 615 Bitcoin in October alone, the most productive month in company history.
The CEO of Marathon Digital also reaffirmed that the business has not yet sold any of its Bitcoin and will maintain this stance until it is deemed necessary to fund operating expenses or other expenses.
As opposed to other significant miners like Argo, Bitfarms, Core Scientific, and Riot Blockchain, all of which admitted selling coins to pay the bills, this is different.
