The Bitcoin mining company Marathon Digital Holdings is currently thought to be the world’s second-largest holding of Bitcoin among publicly-listed corporations. This position was previously held by Coinbase.
On November 8, during the company’s earnings call for the third quarter, Marathon Digital CEO Fred Thiel revealed that the company now holds 11,300 BTC, which had a value of approximately $205 million at the time of writing. According to data from an unnamed third party, this position “makes Marathon the second largest holder of bitcoin among publicly traded companies worldwide.”
According to CoinGecko, the crypto miner that is listed on the Nasdaq is rated in second place, behind only MicroStrategy Inc., which has approximately 130,000 BTC in its possession. After that comes the cryptocurrency exchange Coinbase, and after that comes Block Inc., which was created by Jack Dorsey.
In its earnings report for the third quarter, which was released on November 8th, the company mentioned that it had added 616 BTC to its holdings during the quarter, and that it had added another 615 BTC in the month of October alone, making October the most productive month in the history of the company.
In addition, the CEO of Marathon Digital acknowledged that the business has not yet sold any of its bitcoin and that they want to maintain this posture until it is “essential to meet operational expenditures or other expenses.”
In contrast, other large mining operations like Argo, Bitfarms, Core Scientific, and Riot Blockchain have all said they have to sell coins to meet their financial obligations.
Thiel also used the call to discuss the “battle” between Binance CEO Changpeng Zhao and Sam Bankman-Fried. He said that the price of Bitcoin is going through “turbulence” right now, but he predicted that it would probably go back to a range of about $18,000 to $20,000, where they “feel very comfortable.”
The Bitcoin miner’s profitability, on the other hand, took a hit in the third quarter, with the net loss almost doubling from the previous year to reach $75.4 million, while revenue dropped 75.5% year-on-year to reach $12.7 billion.
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