Marathon Digital Holdings Inc. (NASDAQ: MARA), commonly known as MARA, has added 703 BTC to its holdings this November. This brings its total Bitcoin stash to 34,794 BTC, worth $3.3 billion today. With this, Marathon is now the second-largest company holding Bitcoin, just behind MicroStrategy.
The company, which is focused on Bitcoin, raised $1 billion by selling special financial notes that don’t charge interest. From this, the company used $200 million to buy back older notes. The rest, $160 million, is set aside to buy more Bitcoin in the future.
MARA’s CEO Fred Thiel believes Bitcoin is a wise investment because there is only a limited amount of it in the world. He says it’s a good way to protect money from losing value due to inflation. Investors agree with Marathon’s plans. After the company announced its latest moves, its stock price went up by 8%. So far this year, Marathon’s stock has grown by 14%.
Marathon, which engages in crypto mining, is part of a bigger trend of companies adding Bitcoin to their reserves. Public companies now own a total of 508,111 BTC, which is nearly double what they owned at the start of the year. November alone saw a big jump, with companies adding 143,800 BTC, compared to just 2,400 BTC in October.
MicroStrategy is leading this trend. In November, it bought more than 130,000 BTC, including a record-breaking purchase in one week. Other companies are also joining. Rumble, a video-sharing platform, plans to spend $20 million on Bitcoin. AI company Genius Group recently bought $14 million worth of Bitcoin and intends to keep 90% of its reserves in the cryptocurrency.
However, it’s not just companies getting into Bitcoin; some governments are showing interest, too. In Brazil, a congressman has suggested the country keep some of its money reserves in Bitcoin. He believes it could help Brazil’s economy stay strong during tough times.
In Poland, a presidential candidate has promised to start a Bitcoin reserve if he is elected. In the U.S., Texas lawmakers are discussing the idea of a Bitcoin reserve, and President-elect Donald Trump has also mentioned creating one.
The decision by Marathon to buy more Bitcoin shows how it’s becoming an important part of the financial world. As more companies and even governments get involved, Bitcoin is proving to be more than just a digital currency; it’s becoming a global financial tool.
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