Key Takeaways
- Marathon Digital now holds nearly 50,000 BTC, making it the second-largest corporate holder after MicroStrategy.
- Bitcoin miners are increasingly holding onto their mined coins, causing exchange balances to hit multi-year lows.
- Competition for energy from the AI sector is intensifying pressures on mining operations and profitability.
Marathon Digital (MARA) has expanded its bitcoin treasury to 49,940 BTC, now valued at over $5.4 billion according to recent market prices.
This positions Marathon as the second-largest public corporate holder of bitcoin, behind only MicroStrategy, and highlights an ongoing focus on asset accumulation within the mining sector.
Shift in miner behavior
The mining industry is witnessing a notable behavioral change, with miners adopting long-term holding strategies instead of exerting constant sell pressure.
This shift has contributed to exchange balances reaching multi-year lows, reducing the immediate supply of bitcoin available for trading.
The trend, coupled with rising demand from instruments like spot ETFs, could tighten market supply further.
CEO remarks and operational focus
In a recent statement, MARA Chairman and CEO Fred Thiel emphasized the company’s strategy:
“We remain laser-focused on transforming MARA into a vertically integrated digital energy and infrastructure company.”
Thiel noted that this approach aims to deliver tighter operational control and cost-efficiency.
In May, MARA produced a record 950 BTC, its highest output since the April 2024 halving.
Rising energy competition
Miners now face additional challenges from the artificial intelligence sector, which competes for affordable energy. Thiel explained in an interview:
“The AI guys can afford to pay a much higher amount for energy… Bitcoin miners are being forced.”
This competitive environment could favor large-scale operators with secure energy contracts. Investors are closely watching MARA’s bitcoin-heavy balance sheet ahead of its Q2 earnings report, where analysts forecast an earnings per share of -$0.41.
