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MARA (previously known as Marathon Digital) has announced that its Bitcoin reserves have risen to 49,940 BTC, positioning the digital asset miner on the brink of a significant corporate achievement and highlighting a prevailing trend in the market where miners are holding onto their mined assets.
This accumulation places MARA as the second-largest publicly traded corporate Bitcoin holder, boasting a treasury valued at over $5.4 billion based on current market valuations. The company ranks just behind Strategy (formerly MicroStrategy) regarding publicly reported corporate Bitcoin holdings, indicating a clear strategy of accumulation.
Bitcoin treasuries (Source: Bitcointreasuries.net)This development reflects a broader behavioral shift within the mining industry. Bitcoin miners, who were once perceived as a source of relentless selling pressure, are now acting as deliberate long-term holders.
Data indicates that this transformation is influencing market supply, with exchange balances dipping to levels not seen in years. The decrease in Bitcoin available for immediate trading is often linked to long-term holding practices. This trend of miners holding onto their assets could limit the available supply as demand from instruments like spot ETFs rises.
Bitcoin exchange balance (Source: CryptoQuant)
In a recent statement, MARA’s Chairman and CEO, Fred Thiel, shared insights regarding the company’s operational strategy.
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“We are intensely focused on evolving MARA into a vertically integrated digital energy and infrastructure firm,” Thiel remarked, according to Nasdaq.
He elaborated that this framework aims to enhance operational oversight and boost cost-effectiveness. In a June 3 update, Thiel highlighted record production in May, during which the company generated 950 BTC, the highest since the halving event in April 2024.
Emerging economic pressures, including heightened competition for energy from the artificial intelligence sector, are challenging this approach. In an interview with Bloomberg Television, Thiel acknowledged this issue: “The AI sector is willing to pay significantly more for energy… Bitcoin miners are feeling the strain.”
This rivalry for energy resources could alter the dynamics of mining economics, potentially benefitting large-scale, vertically integrated operators with reliable and low-cost energy agreements.
The financial ramifications of MARA’s Bitcoin-centric balance sheet will be a focal point for investors in its forthcoming second-quarter earnings report, anticipated to be released in August, according to Nasdaq data.
Analysts currently project a consensus earnings per share estimate of $-0.41 for the quarter concluding in June.
The post MARA’s $5.4B Bitcoin treasury grows to 50k BTC as miners adopt a HODL strategy appeared first on CryptoSlate.
