Marathon is now the 2nd-largest listed holder of Bitcoin, says CEO

Bitcoin (BTC) mining institution Marathon Digital Holdings is present understood to beryllium the second-largest holder of Bitcoin successful the satellite among publicly-listed companies.

During the company’s third-quarter net call connected Nov. 8, Marathon Digital CEO Fred Thiel revealed the institution present holds 11,300 Bitcoin — worthy astir $205 cardinal — “making Marathon the 2nd largest holder of Bitcoin among publically traded companies worldwide, ” referring to unnamed third-party data.

According to CoinGecko, the NASDAQ-listed crypto miner is ranked 2nd lone to MicroStrategy Inc., which holds astir 130,000 full Bitcoin. It's followed by crypto speech Coinbase and Jack Dorsey-founded payments institution Block Inc.

The institution reported its third-quarter net connected Nov. 8, noting that it added 616 Bitcoin to its holdings successful the quarter, portion different 615 Bitcoin was added successful the period of October unsocial — the astir productive period successful the company’s history.

.@fgthiel: "We person sequentially improved our bitcoin production, from 72 bitcoin successful July, to 184 successful August, past to 360 successful September, and past to a grounds 615 successful October. October was the astir productive period successful our Company’s history..." pic.twitter.com/wsfv0XOIuV

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022

“The accordant betterment successful our Bitcoin accumulation is the nonstop effect of expanding our hash rates by bringing much Bitcoin servers online and improving those servers,” said Thiel during the league call.

The Marathon Digital CEO besides confirmed that to date, the institution inactive has not sold immoderate of its Bitcoin, and volition proceed to instrumentality that presumption unless deemed “necessary to screen operating expenses oregon different expenses.”

This differs from different large miners specified arsenic Argo, Bitfarms, Core Scientific, and Riot Blockchain, each of whom had reported selling coins successful bid to wage the bills.

Thiel besides utilized the telephone to marque notation the “battle” betwixt Binance CEO Changpeng Zhao and Sam Bankman-Fried — which helium says is causing “turmoil” for the terms of Bitcoin but said it would apt travel backmost to a scope of astir $18,000 to $20,000, which they “feel precise comfortable” in.

The Bitcoin miner’s net nevertheless took a beating successful the 3rd quarter, with its nett nonaccomplishment astir tripling compared to the anterior year, reaching $75.4 million, portion gross fell 75.5% year-on-year to $12.7 billion.

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022

Both metrics failed to conscionable analysts’ expectations arsenic the miner’s exit from its Montana facility and falling Bitcoin prices led to little BTC accumulation successful the quarter.

Thiel called the 3rd 4th a play of “transition and rebuilding” aft its exit from Hardin and it begins retired capabilities successful caller locations, including the King Mountain upwind workplace successful Texas.

Related: Bitcoin miner Iris Energy faces $103M default assertion from creditors

On Nov. 7, rival Bitcoin mining steadfast Riot Blockchain besides reported third-quarter net which had missed expert expectations.

The firm’s full gross declined 28.5% successful the 3rd 4th portion its nett nonaccomplishment widened 139.2% owed to “significant curtailment activities” relating to its activities successful Texas, and a important alteration successful the marketplace terms of Bitcoin compared to a twelvemonth ago.

Both Riot Blockchain and Marathon Digital’s banal prices person declined implicit the past 5 days, with Riot Blockchain’s stocks down 17.62% and Marathon Digital's down 18.02% successful the past 5 days, according to Google Finance.