Marathon Digital (MARA) continues to solidify its position as a major Bitcoin holder, adding 703 BTC in November to bring its monthly acquisitions to 6,474 BTC.
The company now holds approximately 34,794 BTC, valued at $3.3 billion at current prices, making it the second-largest corporate Bitcoin holder after MicroStrategy.
Marathon’s holdings represent 0.16% of Bitcoin’s total supply, while MicroStrategy holds a commanding 1.8%.
Marathon Raises $1 Billion
The acquisitions follow Marathon’s successful $1 billion fundraising effort through a zero-interest convertible senior note sale.
Of the $980 million in net proceeds, $200 million was used to repurchase a portion of its 2026 notes, leaving $160 million earmarked for additional Bitcoin purchases at lower costs.
“Bitcoin is definitely something every company should have on its balance sheet,” Marathon CEO Fred Thiel told Yahoo Finance, highlighting Bitcoin’s finite supply as a hedge against inflation and currency devaluation.
Marathon’s shares responded positively, closing nearly 8% higher on Wednesday and marking a 14% year-to-date increase.
The company’s strategy aligns with a growing trend among public firms to adopt Bitcoin as a treasury reserve asset.
Data from Bitcoin Treasuries shows public companies increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC this year, with November alone accounting for 143,800 BTC added, compared to just 2,400 BTC in October.
MicroStrategy spearheaded this growth, acquiring over 130,000 BTC in November, including a record purchase last week.
Other companies are joining the trend. Rumble recently announced plans to allocate up to $20 million of its cash reserves to Bitcoin purchases, a move supported by MicroStrategy’s Michael Saylor.
Similarly, AI firm Genius Group acquired $14 million worth of Bitcoin earlier in November, with plans to hold 90% of its reserves in Bitcoin and reach a total investment target of $120 million.
Bitcoin Continues to See Mainstream Adoption
Earlier, Brazilian Congressman Eros Biondini introduced a bill proposing the creation of a national Bitcoin reserve.
Dubbed the “Reserva Estratégica Soberana de Bitcoins” (RESBit), or Strategic Sovereign Bitcoin Reserve, the proposal seeks to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin.
The bill argues that such a reserve could bolster Brazil’s economic resilience, helping the nation navigate currency fluctuations and geopolitical risks.
As reported, Texas lawmakers are also exploring launching a strategic Bitcoin reserve, according to the Satoshi Action Fund (SAF), a nonprofit advocacy group.
Moreover, President-elect Donald Trump’s campaign promises included creating a “strategic Bitcoin stockpile,” further signaling political interest in the concept.
Momentum for Bitcoin reserves is also growing internationally. Polish presidential candidate Sławomir Mentzen recently pledged to establish a Bitcoin reserve if elected, signaling the global traction of the idea.
Furthermore, MicroStrategy’s Michael Saylor has announced plans to deliver a three-minute presentation on Bitcoin investment strategy to Microsoft’s board of directors.
“I’m going to provide a three-minute presentation — that’s all you’re allowed — and I’ll send it to the board of directors,” he stated.
His upcoming presentation coincides with an upcoming shareholder vote on December 10 to decide whether Microsoft should conduct an assessment on investing in Bitcoin.
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