Marathon Now 2nd Largest Listed Bitcoin Holder, Says CEO

Marathon Now 2nd Largest Listed Bitcoin Holder, Says CEO

Bitcoin (BTC) mining company Marathon Digital Holdings is now considered the world’s second-largest Bitcoin holder among publicly traded companies.

During the company’s third quarter earnings call on Nov. 8, Marathon Digital CEO Fred Thiel revealed that the company now holds 11,300 Bitcoins – worth approximately $205 million – ” making Marathon the second largest bitcoin holder among publicly traded companies globally,” referring to anonymous names. third party data.

According to CoinGecko, the NASDAQ-listed crypto miner is ranked second after MicroStrategy Inc., which holds almost 130,000 Bitcoin in total. It is followed by crypto exchange Coinbase and payments company founded by Jack Dorsey, Block Inc.

The company released its third-quarter results on Nov. 8, noting that it added 616 Bitcoins to its holdings during the quarter, while another 615 Bitcoins were added in October alone — the highest month. productive in the history of the company.

“The steady improvement in our bitcoin production is a direct result of increasing our hash rates by bringing more bitcoin servers online and improving those servers,” Thiel said on the conference call.

Marathon Digital’s CEO also confirmed that to date the company has not yet sold any of its Bitcoins and will continue to hold this position unless deemed “necessary to cover operating expenses or other expenses”.

This differs from other big miners such as Argo, Bitfarms, Core Scientific, and Riot Blockchain, all of which said they sold coins in order to pay the bills.

Thiel also used the call to make mention of the “battle” between Binance CEO Changpeng Zhao and Sam Bankman-Fried – which he says is causing “turmoil” for the price of Bitcoin, but said that ‘it would probably come back to a range of around $18,000 to $20,000, which they “feel very comfortable in.”

The Bitcoin miner’s revenue was beaten in the third quarter, however, as its net loss nearly tripled from a year earlier to $75.4 million, while revenue fell 75.5% year-on-year. to reach $12.7 billion.

Both metrics fell short of analysts’ expectations, as the miner’s exit from its Montana facility and falling Bitcoin prices led to lower BTC production in the quarter.

Thiel called the third quarter a “transition and rebuilding” period following his exit from Hardin and he is beginning to build capacity in new locations, including the King Mountain Wind Farm in Texas.

Related: Bitcoin miner Iris Energy faces $103 million default claim from creditors

On Nov. 7, rival Bitcoin mining company Riot Blockchain also announced third-quarter results that beat analysts’ expectations.

The company’s total revenue fell 28.5% in the third quarter while its net loss widened 139.2% due to “significant reduction activities” related to its Texas operations and a significant decline in the Bitcoin market price compared to a year ago.

Riot Blockchain and Marathon Digital stock prices have declined over the past five days, with Riot Blockchain shares down 17.62% and Marathon Digital shares down 18.02% over the past five days, according to Google Finance.