Marathon Digital Holdings (MARA), one of the largest publicly traded Bitcoin mining firms, has made significant strides in its cryptocurrency acquisition strategy. In a statement on November 27, the company revealed it had purchased 6,474 Bitcoin (BTC) during the month.

This brings the firm’s total holdings to 34,794 BTC, currently valued at approximately $3.3 billion based on a Bitcoin spot price of $95,000.

Marathon Digital Solidifies Position as a Leading Bitcoin Holder

The acquisitions were funded through Marathon’s recent $1 billion zero-interest convertible senior note offering. Reportedly, these netted up to $980 million in proceeds after transaction costs. The company used $200 million of these funds to repurchase a portion of its 2026 notes.

Marathon Digital said it earmarked $160 million in cash reserves for future Bitcoin purchases, particularly if the cryptocurrency’s price dips.

“…$160 million in remaining proceeds available net of transaction costs for future BTC dip purchases,” the firm said.

With its latest purchases, Marathon Digital has strengthened its standing as the second-largest corporate Bitcoin holder, trailing only MicroStrategy. While MicroStrategy dominates the space with 1.8% of Bitcoin’s total supply, Marathon’s holdings represent approximately 0.16%, a notable position in the growing trend of corporate Bitcoin adoption.

“Bitcoin is definitely something every company should have on its balance sheet,” Marathon CEO Fred Thiel said recently in an interview.

Thiel also emphasized Bitcoin’s scarcity and its utility as a hedge against inflation and fiat currency devaluation. Meanwhile, Marathon’s aggressive acquisitions reflect a broader trend among publicly traded companies.

According to Bitcoin Treasuries data, public firms increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC year-to-date (YTD). November alone saw companies acquire over 143,800 BTC, a dramatic surge compared to the approximately 2,400 BTC purchased in October.

Strategic Moves Fueling Bitcoin Adoptions

MicroStrategy has led the charge, adding over 130,000 BTC in November, including a record-breaking single-week purchase. However, other companies are also joining the Bitcoin accumulation race.

For example, Rumble, the video-sharing platform, announced plans to allocate up to $20 million of its cash reserves to Bitcoin. The decision came after CEO Chris Pavlovski received encouragement from MicroStrategy’s Michael Saylor to adopt Bitcoin as a treasury asset.

Similarly, Genius Group, an AI-focused company, acquired $14 million worth of Bitcoin earlier this month. Committed to holding 90% of its reserves in Bitcoin, Genius Group aims to increase its Bitcoin investments to $120 million.

Marathon’s recent Bitcoin acquisitions and its financial maneuvers are part of a broader expansion strategy. The company’s $1 billion convertible notes offering is its second major funding initiative in 2024, following a $250 million fundraising effort reported in July. That earlier round was also aimed at bolstering its Bitcoin reserves and expanding mining operations.

As BeInCrypto reported, Marathon highlighted its commitment to scaling operations while maintaining a strong Bitcoin treasury strategy.

“With zero-interest funding secured, we are strategically positioned to capitalize on market opportunities and reinforce our role as a leader in Bitcoin mining,” the company noted.

Marathon’s aggressive approach to Bitcoin acquisitions and its financial planning have been well-received by the market. Its stock closed nearly 8% higher on Wednesday, with year-to-date gains of approximately 14%, data on Yahoo Finance shows.

Analysts attribute the stock’s performance to Marathon’s ability to leverage its financial resources for growth. They align with the broader market enthusiasm for Bitcoin. The cryptocurrency’s 2024 rally has sparked renewed interest among institutional and corporate investors, with Bitcoin recently surpassing $95,000 per coin.

Nevertheless, the company faces revenue challenges and strategic shifts amid crypto volatility. Specifically, among the challenges was meeting analysts’ third-quarter (Q3) earnings expectations. The Bitcoin miner reported a loss of $0.24 per share, slightly worse than the anticipated loss of $0.23 per share. This resulted in an earnings surprise of -4.35%.

In the face of these challenges, Marathon Digital Holdings has been diversifying its operations beyond traditional Bitcoin mining. Beyond miner activities, the firm also explores opportunities in artificial intelligence (AI) and other emerging technologies. These could help reduce its reliance on Bitcoin’s price volatility and position it for growth in high-tech sectors.

Chinese data mining firm SOS Limited’s board of directors has approved a $50 million investment in Bitcoin. The decision was shared on November 27 through the company’s official press release.

SOS is planning to use several trading strategies for this investment. This will include quantitative trading, direct investment, and arbitrage strategies.

SOS Stock Surges 100% Following its Bitcoin Purchase

This announcement comes as Bitcoin has started to recover largely from its earlier liquidation. BTC fell below $91,000 yesterday, its lowest in a week. However, the bullish cycle regained momentum as the largest cryptocurrency surged back to $96,000 today. 

Following this news, SOS Limited’s share prices jumped nearly 100% on Wednesday, November 27. The cryptocurrency’s recent surge is driving increased participation from investors globally. SOS Limited’s Bitcoin purchase aligns with the growing enthusiasm around digital assets.

The company views Bitcoin as a key digital asset with strategic importance on a global scale. SOS Limited supports the notion that Bitcoin could play a pivotal role in global reserve strategies.

“We believe this investment plan will further enhance the Company’s overall competitiveness and profitability in the digital asset investment sector,” said Yandai Wang, Chairman and CEO of SOS. 

Public Companies Are Extremely Bullish on BTC

Meanwhile, Bitcoin acquisitions have been surging across publicly traded companies in recent months. Earlier this week, MicroStrategy completed another round of Bitcoin purchases worth $5.4 billion.  This was the third consecutive BTC purchase from Michael Saylor’s firm in November alone. 

So far, the firm has acquired over $16 billion worth of BTC this year, extending its lead as the largest Bitcoin holder across the industry. 

Bitcoin’s recent highs have also impacted Microstrategy’s stock performance. MSTR surged by nearly 450% YTD, becoming one of the top 100 public companies in the US. 

Also, crypto miner Marathon Digital recently raised $1 billion through a convertible senior notes offering. As BeInCrypto reported earlier, the lion’s share of this fund will be used to buy more Bitcoin. 

Despite Bitcoin reaching $99,000 in the current cycle, these major firms seem extremely bullish on BTC’s long-term price. Earlier this week, Pantera Capital projected that the cryptocurrency will reach $740,000 by 2028. 

The firm previously projected Bitcoin to be around $117,000 by August 2025, and we’re not far from this mark. 

From its peak of $99,531 on November 23rd, Bitcoin, the world’s leading digital asset, is now trading at the $92k to $93k level, prompting many to speculate that its historic price run has ended. However, for CryptoQuant CEO Ki Young Ju, the alpha coin’s current price action isn’t a cause for concern.

In a Twitter/X post, Ki Young shared that Bitcoin’s retail investors are not yet in “FOMO” (fear of missing out) mode. The current retail action, he says, doesn’t indicate signs of excessive excitement or panic.

Ki Young explained that there’s still a surge of trading activities across markets for spots, futures, and exchanges.

Retail Investors Feeling The ‘FOMO’ In Meme Coins?

In a Twitter/X post last November 26th, Ki Young argued BTC retail investors are not yet feeling the excitement of missing out. Market indicators, he says, point to neutral market sentiment, the same position it has held since April when the top digital asset traded at $64,000.

#Bitcoin retail investors aren’t in FOMO yet. pic.twitter.com/DiGcChyNWt

— Ki Young Ju (@ki_young_ju) November 26, 2024

During the last Bitcoin bill run, the retail market’s FOMO reached its high in January 2021 when the asset was trading over $30,0000, pushing the price to an all-time high of $69,000.

Although Bitcoin retested the $100k mark many times last week, market observers say that retail investors still need to invest heavily.

Recent Price Dips Due To Macro Environment

According to observations from QCP Capital, Bitcoin’s successive price dips can be attributed to the existing macro environment. Plenty of factors now prevent Bitcoin from continuing its push towards $100k.

According to the QCP Capital, Bitcoin is facing pressure from the possible release of economic data like FOMC minutes and the PCE report. Also, Bitcoin was overbought following a whirlwind price action after the US elections.

No Need To Worry?

However, QCP Capital pointed out that it is not a cause for concern and that sentiment for digital assets remains bullish.

Based on on-chain data, millions of USD were liquidated in the last 24 hours, and about $438 million in ETF outflows were recorded last November 25th.

2/ No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.

— QCP (@QCPgroup) November 26, 2024

For the CryptoQuant CEO, market participation isn’t slowing down. According to market indicators, trading is booming in all exchanges, markets, and tickets. Based on CryptoQuant’s analysis, retail investors feel the “FOMO” on meme coins, particularly Dogecoin.

Featured image from CNBC, chart from TradingView