Marathon Digital Expands Bitcoin Holdings as Mining Operations Grow
Marathon Digital Holdings (MARA) has raised its total bitcoin holdings to 52,850 BTC, valued at $6.4 billion, according to its latest monthly production report. The increase comes after netting an additional 373 BTC in September, cementing Marathon�s position as the largest bitcoin holder among publicly traded mining companies.
Steady Production Despite Industry Shifts
In September, Marathon mined 736 BTC, worth $88.6 million, marking a 4.4% increase from August�s 705 BTC. This production accounted for a 5.2% share of all bitcoin miner rewards, including transaction fees, during the period. The company noted that its total bitcoin figure includes holdings that are loaned out, actively managed, or pledged as collateral.
Competitive Landscape Among Public Holders
Though it leads among public miners, Marathon is the second-largest public bitcoin holder overall, behind MicroStrategy, which recently added $22 million in bitcoin to its total supply. MicroStrategy's bitcoin holdings now stand at 640,031 BTC, valued at $77 billion. Other notable public holders include Tether, Robinhood, and a consortium led by Adam Back and Cantor Fitzgerald.
Operational Metrics and Market Performance
- Marathon produced 218 blocks in September � a 5% rise over August, despite global hashrate rising 9% to 1,031 EH/s for the period.
- The company�s energized hashrate increased 1% month-over-month to 60.4 EH/s, with full deployment at its Texas wind farm.
- Marathon remains one of the select public operators with significant control over deployed hashrate, alongside IREN, CleanSpark, and Cango.
Bitcoin�s price closed September up 5.4%, trading above $120,000 for the first time since mid-August. Marathon�s share price mirrored broader mining sector gains with a 20% month-long increase, returning to a 7.6% year-to-date rise.
Shift Among Mining Giants
Despite growth in mining and holdings, Marathon recently slipped to the third-largest public mining company by market capitalization, now valued at just under $7 billion. It trails IREN and Riot Platforms, valued at $12.8 billion and $7.1 billion, respectively.
Sector Updates: Cango�s Production and Expansion
Rival Cango reported producing and retaining 616.6 BTC in September with a hashrate of 50 EH/s, raising its bitcoin treasury to 5,810 BTC, worth $700 million. The company aims to maximize its existing hashrate and explore opportunities in high-performance computing.
The updates highlight continued competition and strategic expansion among leading bitcoin miners as the wider sector adapts to fluctuating bitcoin prices and growing network hashrate.
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