Marathon Digital Holdings (MARA) has significantly increased its Bitcoin portfolio, acquiring 703 additional Bitcoins in November alone.
This latest purchase brings the company’s total Bitcoin acquisitions for the month to 6,474, as recently highlighted in a press release on November 27.
As part of its strategy to take advantage of favorable market conditions, Marathon has designated $160 million from its recent capital efforts for prospective Bitcoin investments.
Recent Capital Raising Efforts
This move comes on the heels of Marathon successfully raising $1 billion through a zero-interest convertible senior note offering.
From the $980 million raised, the company allocated $200 million to buy back a portion of its 2026 notes.
With these new acquisitions, Marathon now holds about 34,794 Bitcoins, worth roughly $3.3 billion.
This positions the company as the second-largest corporate Bitcoin holder, trailing only behind MicroStrategy.
Notably, Marathon’s Bitcoin stash represents about 0.16% of the total Bitcoin supply, whereas MicroStrategy holds a much larger portion at 1.8%.
Corporate Trends in Bitcoin Holdings
Expressing his views on Bitcoin, CEO Fred Thiel stated that companies should seriously consider integrating Bitcoin into their financial strategies, citing its limited supply as a crucial hedge against inflation and currency devaluation.
Following this announcement, Marathon Digital’s shares surged nearly 8% on Wednesday and have seen an overall increase of approximately 14% year-to-date, according to Yahoo Finance.
The trend of corporate Bitcoin accumulation has become quite pronounced this year, with total corporate holdings climbing from 272,774 BTC to 508,111 BTC to date.
November alone witnessed an impressive addition of over 143,800 Bitcoins, in stark contrast to the mere 2,400 BTC acquired in October, as reported by Bitcoin Treasuries.
Strategic Corporate Investments
This growth in corporate Bitcoin holdings largely stems from MicroStrategy’s aggressive purchasing strategy, which saw the company acquiring more than 130,000 BTC in November, marking its largest buy in just the past week.
Additionally, a number of companies are adopting a Bitcoin treasury reserve strategy this month.
For example, Rumble announced plans to allocate as much as $20 million from excess cash reserves to Bitcoin investments after its CEO, Chris Pavlovski, championed the idea with backing from industry experts like Michael Saylor.
In a related development, AI firm Genius Group made headlines this month by investing $14 million in Bitcoin, asserting its commitment to maintain at least 90% of its reserves in the cryptocurrency, with aspirations of reaching a total investment of $120 million.
With the ongoing enthusiasm for Bitcoin investment, Marathon Digital is poised to continue playing a significant role in the expanding landscape of corporate crypto holdings.
Source: Cryptobriefing
