Marathon is now the 2nd largest listed owner of Bitcoin – CEO

Marathon is now the 2nd largest listed owner of Bitcoin - CEO
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Bitcoin (BTC) mining company Marathon Digital Holdings is now understood to be the world’s second largest holder of Bitcoin among publicly listed companies.

During the company’s third-quarter earnings call in November. 8, Marathon Digital CEO Fred Thiel revealed the company now owns 11,300 BTC worth about $205 million at the time of writing, “making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide,” citing unnamed third-party data.

According to to Nasdaq-listed CoinGecko crypto miner It is second only to MicroStrategy Inc., owns about 130,000 BTC. It is followed by cryptocurrency exchange Coinbase and payments company Block Inc. founded by Jack Dorsey.

Company informed Third quarter earnings in November. 8, noting that it added 616 BTC to its holdings in the quarter, with another 615 BTC added in October alone, making it the most productive month in the company’s history.

“The consistent improvement in our Bitcoin production is a direct result of increasing our hash rates by bringing more Bitcoin servers online and upgrading those servers,” Thiel said during the conference call.

The Marathon Digital CEO also confirmed that the company has yet to sell any Bitcoins to date and will continue to do so unless deemed “necessary to cover operating costs or other expenses.”

This is different from other big miners like Argo, Bitfarms, Core Scientific and Riot Blockchain. sell coins to pay bills.

Thiel also used the call to talk about the “battle” between Binance CEO Changpeng Zhao and Sam Bankman-Fried — which he said is causing “confusion.” bitcoin price but said it would likely return to a range of $18,000 to $20,000, which they “feel very comfortable with.”

However, the Bitcoin miner’s profits fell in the third quarter, with its net loss nearly tripling to $75.4 million from a year earlier, while revenue fell 75.5% year-over-year to $12.7 billion.

Both indicators did not meet analysts’ expectations exit from the miner’s facility in Montana and falling Bitcoin prices led to lower BTC production in the quarter.

Thiel called the third quarter a period of “transition and restructuring” after exiting Hardin, and he is starting opportunities at new locations, including the King Mountain wind farm in Texas.

Related: Bitcoin miner Iris Energy is facing a $103 million default lawsuit from creditors

On November 7, rival Bitcoin mining company Riot Blockchain informed third quarter earnings that missed analyst expectations.

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

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