Crypto mining giant Marathon Digital has significantly expanded its Bitcoin holdings, spending over $600 million in the past two months. According to a Dec. 2 filing with the U.S. Securities and Exchange Commission (SEC), the company acquired 6,484 BTC between Oct. 1 and Nov. 30. Marathon paid approximately $618.3 million in cash, with an average purchase price of $95,352 per Bitcoin.
In tandem with its aggressive acquisition strategy, Marathon announced plans to raise $700 million through a private offering of convertible senior notes due in 2031. The proceeds will be allocated toward acquiring additional Bitcoin and repurchasing existing convertible notes maturing in 2026. This move signals Marathon’s long-term confidence in Bitcoin as a key asset and a commitment to expanding its mining operations.
Marathon Digital’s Position in the Crypto Industry
Marathon Digital continues to hold its position as the largest publicly traded crypto mining company by market capitalization. Data from BitcoinTreasuries highlights the company as the second-largest corporate Bitcoin holder, trailing only MicroStrategy. This reinforces Marathon’s role as a pivotal player in institutional Bitcoin investment.
On Nov. 26, Marathon urged the U.S. government to take a more assertive stance in Bitcoin adoption and mining, emphasizing the strategic importance of digital assets. The company drew parallels between Bitcoin and gold, noting the national security implications of holding substantial reserves.
“The dollar is no longer directly backed by gold, yet holding substantial gold reserves remains a matter of national security,” Marathon stated. “Bitcoin could play a similar role in bolstering economic resilience should confidence in the dollar wane.”
Trump’s Promised Bitcoin Treasury Sparks Debate
Adding to the narrative, President-elect Donald Trump has made headlines by promising to add Bitcoin to the U.S. Treasury’s reserve. While this marks a notable shift in U.S. policy, some industry leaders remain skeptical. Galaxy Digital CEO Mike Novogratz described the likelihood of a strategic Bitcoin reserve under Trump’s administration as a “low probability” scenario, highlighting ongoing debate about the role of cryptocurrency in national finance.
