Marathon adds 1,000 BTC to treasury, becoming 4th largest corporate holder

Marathon Digital Holdings added 1,000 Bitcoin to its corporate treasury, boosting its total holdings to about 36,303 BTC worth $2.4 billion and making it the fourth-largest public company holder of the cryptocurrency.

The purchase, executed through FalconX in five transfers of 200 BTC each, was valued at roughly $66.7 million based on Bitcoin's price near $66,700 at the time, according to Lookonchain data. The acquisition follows a first-quarter period in which Marathon sold 20,880 BTC for about $1.5 billion at an average price of $70,137 per coin to fund debt reduction and data center expansion.

"Marathon's return to accumulation reflects a strategic bet on Bitcoin's long-term value during a period of weak institutional demand," said Nina Volkov, crypto analyst at Edgen. "The company is effectively using its balance sheet to buy when others are pulling back."

The timing coincides with a broader slowdown in institutional Bitcoin demand. Spot Bitcoin ETFs have recorded only two days of net positive flows since mid-April, while the Coinbase Premium Index sits at around -0.0078, signaling weaker appetite among US buyers relative to international markets, according to data from CryptoQuant. Total net outflows of about 66,000 BTC have been recorded across the market, reducing the sector's absorption capacity.

Marathon now trails only Strategy (formerly MicroStrategy) with $56.3 billion in Bitcoin, Twenty One Capital, and Metaplanet among public company treasuries. The miner's shares have gained more than 63% year-to-date, supported by investor enthusiasm for its dual focus on Bitcoin accumulation and AI infrastructure expansion.

However, VanEck Head of Digital Assets Research Matthew Sigel disputed that the transfer represented a new market purchase, suggesting on X that the 1,000 BTC were returned collateral from a closed Bitcoin-backed loan rather than freshly acquired coins. "MARA will be monetizing its DC portfolio," Sigel wrote. "Bitcoin accumulation is the last thing on their mind." Historical wallet patterns support that interpretation — Marathon has typically moved purchased Bitcoin into newly created wallets, while this transaction did not follow that pattern.

The discrepancy highlights the challenge of distinguishing organic accumulation from balance sheet management in an opaque market. Whether the coins were bought or returned, Marathon's total holdings remain above 36,000 BTC, cementing its position among the largest corporate Bitcoin holders globally.

This article is for informational purposes only and does not constitute investment advice.