MARA Holdings Acquires Over $600 Million in Bitcoin, Urges U.S. Government to Accelerate Bitcoin Accumulation

Marathon Digital Holdings (MARA), one of the largest publicly traded crypto mining companies, has made significant strides in expanding its Bitcoin holdings. In a filing with the U.S. Securities and Exchange Commission (SEC) on December 2, the company revealed that it acquired 6,484 Bitcoin (BTC) between October 1 and November 30, 2024, spending a total of $618.3 million. The Bitcoins were purchased at an average price of $95,352 per coin.

This acquisition further cements MARA’s position as a leading corporate holder of Bitcoin, second only to MicroStrategy in terms of holdings. The company continues to expand its Bitcoin portfolio, signaling confidence in the long-term value of the cryptocurrency despite its market volatility.

Plans for More Bitcoin Acquisitions

In addition to its recent purchase, MARA Holdings announced plans to raise $700 million through the offering of convertible senior notes due in 2031. The proceeds from this private offering will be directed towards acquiring more Bitcoin and repurchasing existing convertible notes due in 2026. This aggressive acquisition strategy is part of the company’s ongoing commitment to securing large amounts of Bitcoin, which it views as a key asset for both the company’s future and the broader crypto ecosystem.

MARA’s latest investments in Bitcoin further solidify its status as the largest public crypto mining company by market capitalization. According to BitcoinTreasuries, MARA Holdings ranks as the second-largest corporate holder of Bitcoin, just behind MicroStrategy, which continues to lead in Bitcoin holdings.

MARA Pushes for U.S. Government to Increase Bitcoin Accumulation

In a statement issued on November 26, MARA Holdings urged the U.S. government to take more aggressive steps in securing its own positions in Bitcoin and Bitcoin mining. The company emphasized the urgency of securing Bitcoin reserves as part of the nation's economic and national security strategy.

MARA argued that the U.S. must act swiftly to accumulate Bitcoin, pointing to the fact that while the U.S. dollar is no longer directly backed by gold, holding substantial reserves of gold remains vital to national security. The company suggests that Bitcoin could play a similar role as a reserve asset, offering the U.S. the ability to transact in the event that foreign nations lose confidence in the dollar.

“While gold reserves have historically been seen as crucial for national security, Bitcoin could become a similarly important asset for the future,” MARA said in its statement. The company called for a more proactive approach to Bitcoin accumulation, warning that the U.S. could fall behind other nations if it does not act quickly.

Past Bitcoin Sales and Market Strategy

MARA Holdings has not always maintained a strategy of hoarding Bitcoin. Earlier in 2024, the company made headlines for selling a portion of its mined Bitcoin. In May, MARA sold 390 BTC, or 63% of its monthly production of 616 BTC. This sale came shortly after Bitcoin's halving event in April 2024, which reduced the mining block reward from 6.25 BTC to 3.125 BTC. The move to sell some of its holdings raised questions about the company’s overall strategy, as many other large Bitcoin holders continue to accumulate rather than sell their coins.

Despite this sale, MARA has maintained its commitment to Bitcoin as a key asset for its growth. The company’s ongoing investments in Bitcoin, paired with its vocal advocacy for government action, suggest that it views the cryptocurrency as central to its long-term strategy. MARA’s recent acquisitions and its push for U.S. government involvement reflect the growing belief that Bitcoin is not just a speculative asset, but a strategic resource for the future.

Looking Ahead

As MARA Holdings continues to expand its Bitcoin holdings, the company’s actions are likely to influence both the broader crypto market and corporate strategies regarding cryptocurrency. Its call for the U.S. government to take a more aggressive stance on Bitcoin accumulation could spark broader discussions about the role of Bitcoin in national economies and security frameworks.

With its massive Bitcoin acquisitions and growing influence in the crypto space, MARA is positioning itself as a key player in the evolving narrative of cryptocurrency adoption. Whether other companies or nations will follow MARA’s lead remains to be seen, but the company's commitment to Bitcoin makes it clear that it believes the cryptocurrency is a vital asset for the future.