What On-Chain Data Reveals

On-chain data shows that MARA executed several high-value transactions across different destinations. In a single transfer, approximately 653.773 BTC was sent to an address associated with Two Prime, a firm active in crypto lending and trading. At the time of the transaction, this transfer was valued at roughly $42.01 million. Shortly afterward, an additional 8.999 BTC, worth about $578,000, was sent to the same address.

Beyond this, MARA moved around 300 BTC in two separate transactions to a wallet linked to BitGo, a well-known digital asset custody provider. These transfers carried a combined value of approximately $20.4 million at execution. The company also transferred 305 BTC, valued near $20.72 million, to a newly created wallet. The dispersion of funds across multiple addresses has led to questions about whether these actions are purely operational or tied to liquidity management needs.

Mining Economics Under Pressure

Bitcoin has recently been trading just above $63,000, marking one of its lowest price ranges since October 2024. This decline has placed significant strain on mining economics. Lower prices directly reduce revenue, while fixed operational costs—especially energy—remain elevated.

Data referenced by Bloomberg indicates that the hash price index, a key metric for miner profitability, has dropped to around $0.03 per terahash. For miners operating with higher electricity costs, this level significantly compresses margins. Meanwhile, research firm Newhedge projects that the upcoming difficulty adjustment could result in a decline of more than 13%, potentially the sharpest drop since China’s 2021 mining ban.

Mining Stocks Reflect the Stress

Equity markets have not been immune to these pressures. MARA shares fell by more than 18%, while CleanSpark declined 19.13% and Riot Platforms dropped 14.7%. According to Google Finance data, MARA stock has lost over 30% in the past five days and 34% over the past month.

Additional pressure came from recent insider-related activity. On January 30, 2026, 14,301 common shares were withheld at $9.50 per share to cover tax obligations following the vesting of restricted stock units.

Energy Costs Add Another Layer of Risk

Beyond price action, miners have also faced operational challenges due to severe winter storms across parts of the United States. Regions such as Texas and Tennessee, which are critical hubs for mining activity, experienced power disruptions and rising energy costs. CleanSpark executive Harry Sudock noted that the current environment reflects a combination of market-driven selling pressure and weather-related operational strain.

Taken together, these factors suggest that Bitcoin miners may continue to navigate a challenging period, with liquidity management and cost control becoming increasingly critical in the months ahead.

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Malikie Innovations, which acquired over 32,000 patents from BlackBerry in 2023, has filed lawsuits against major Bitcoin mining firms Marathon Digital and Core Scientific. At the heart of the dispute lies elliptic curve cryptography (ECC), a core component of Bitcoin’s blockchain protocol.

Cryptography Under Scrutiny

According to Malikie, the ECC techniques used by Bitcoin are protected under patents they now hold. Their lawsuit claims that these mining companies have been infringing on their intellectual property by supporting Bitcoin operations with ECC-based methods.

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What’s more, Malikie seeks damages for up to six years of retroactive royalties. If awarded, the damages could be significant—possibly severe enough to force companies like Core Scientific into financial distress.

Could The Entire Network Be at Risk?

Experts suggest that a victory for Malikie might set a dangerous precedent. Other miners in the US could become targets, and the case could raise concerns over the legal stability of Bitcoin’s cryptographic foundation.

However, industry analysts like Niko Demchuk from AMLBot believe Malikie’s claims may not hold up. He suggests the patents in question may be expired or cover techniques predating Bitcoin’s implementation of ECC.

This is not the first intellectual property challenge in the crypto world. In the past, figures like Craig Wright have made failed attempts to claim ownership of Bitcoin’s underlying technologies. But this case serves as a reminder: even decentralized networks aren’t immune to centralized legal disputes.

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Record Revenue Amid Bitcoin Rally

On May 27, MARA reported the highest daily revenue in its history. The milestone was confirmed via on-chain data from CryptoQuant, as Bitcoin surged days earlier due to macroeconomic instability, notably in Japan’s bond markets.

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CryptoQuant CEO Ki Young Ju noted, “Quarterly reports are slow. On-chain shows revenue in real time.”

BTC Holdings Top $5 Billion Despite Halving Impact

Despite a 19% drop in Bitcoin production due to the April 2024 halving, MARA’s treasury strategy remains aggressive. With 48,237 BTC now held on its balance sheet — valued at over $5.28 billion — MARA trails only Strategy (formerly MicroStrategy) in corporate Bitcoin holdings.

The company’s market cap currently stands at $5.18 billion, making it the largest publicly traded Bitcoin miner globally.

Analysts: More Upside Possible

CryptoQuant’s Axel Adler commented that while daily mining revenues (~$50 million) are still below the historic $80 million peak, there’s potential to climb back to those highs.

MARA adopted Bitcoin as a strategic treasury reserve in July 2024, adding $124 million worth of BTC to its balance sheet, marking a key pivot in its financial strategy.

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Tesla, led by CEO Elon Musk, attracted attention in 2021 with its Bitcoin investments, becoming a significant institutional player in the cryptocurrency market. The company’s Bitcoin purchase and sale history, as well as its current holdings, are closely monitored by investors and crypto enthusiasts. 

Tesla  Bitcoin Investment and Sales 

In February 2021, Tesla made a strong entry into the crypto market by purchasing $1.5 billion worth of Bitcoin. In April of the same year, it sold 10% of these holdings, making approximately $128 million in profit. However, in May 2021, the company suspended vehicle sales using Bitcoin due to environmental concerns. Then, in July 2022, Tesla sold 75% of its Bitcoin holdings, raising $936 million in cash. After these sales, Tesla held approximately 10,725 BTC. 

How Much Bitcoin Does Tesla Hold? 

As of 2025, Tesla holds around 11,509 BTC. The current value of these assets fluctuates with Bitcoin’s price but is approximately $1.25 billion. The company continues to hold its crypto assets as part of a long-term reserve strategy. Additionally, Tesla uses Coinbase Prime Custody as the custody service for its large holdings. 

Top Companies Holding Bitcoin 

Among companies holding Bitcoin on their balance sheets, the largest holders create a notable ranking. According to CoinGecko’s 2025 data, the top 5 publicly traded companies with the most Bitcoin are: 

1. MicroStrategy Inc. (NASDAQ: MSTR)
   BTC Amount: 506,137
   Estimated Value: $44.23 billion
   The company has been making aggressive Bitcoin purchases since 2020, considering them as a long-term strategic reserve. 
2. Marathon Digital Holdings (NASDAQ: MARA) 
   BTC Amount: 26,842
   Estimated Value: $2.35 billion
   The company holds Bitcoin earned from its mining activities. 
3. Galaxy Digital Holdings (TSE: GLXY) 
   BTC Amount: 15,449
   Estimated Value: $1.35 billion
   Operating in crypto investment and asset management, Galaxy also holds significant Bitcoin reserves. 
4. Tesla, Inc. (NASDAQ: TSLA) 
   BTC Amount: 11,509
   Estimated Value: $1.00 billion
   Despite selling some due to environmental policies, Tesla still holds the majority of its Bitcoin. 
5. Coinbase Global Inc. (NASDAQ: COIN) 
   BTC Amount: 9,183
   Estimated Value: $802.5 million
   One of the largest crypto exchanges in the world, Coinbase also holds a significant amount of Bitcoin on its balance sheet. 

Japan-based Metaplanet has adopted MicroStrategy’s Bitcoin strategy, actively purchasing Bitcoin. As of May 2025, the company has reached 7,800 BTC, achieving 78% of its 10,000 BTC target. Its latest purchase of 1,004 BTC coincided with a 12.6% rise in its shares traded on the Tokyo Stock Exchange under the ticker 3350.T. This reflects investors’ positive response to its crypto asset strategy. 

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Stock Sale to Fund More Bitcoin Purchases!

MARA Holdings, formerly known as Marathon Digital, announced in a March 28 SEC filing that it has entered an agreement with investment firms, including Cantor Fitzgerald and Barclays, to sell up to $2 billion worth of stock. The company stated that proceeds will be used for general corporate purposes, including acquiring more Bitcoin and covering working capital expenses.

This strategy mirrors that of MicroStrategy, the largest corporate holder of Bitcoin, which has used stock offerings to acquire 506,137 BTC, valued at approximately $42.4 billion.

MARA’s Expanding Bitcoin Holdings!

MARA Holdings is the second-largest publicly traded Bitcoin holder, with 46,374 BTC, worth around $3.9 billion. In July, CEO Fred Thiel stated that the company had adopted a “full HODL” approach, meaning it would not sell mined Bitcoin to fund operations but instead continue accumulating the asset.

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This new stock sale follows a similar move in early 2023, when MARA Holdings sold up to $1.5 billion worth of shares. Additionally, in November, the company issued $1 billion in zero-coupon convertible senior notes, primarily to fund more Bitcoin purchases.

Market Reaction and Bitcoin Price Update

Following the announcement, MARA‘s stock closed 8.58% lower on March 28 at $12.47. The stock continued to decline, falling another 4.6% in overnight trading to $11.89 on March 30. This drop comes amid broader concerns in the crypto mining sector after reports suggested Microsoft had abandoned plans to invest in new data centers.

Meanwhile, Bitcoin is trading just above $82,000, down 1.2% in the past 24 hours, after briefly touching a local high of around $83,500.

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The US-based company Bitwise announced its application to the SEC for a new fund called the Bitcoin Standard Corporations ETF. This fund aims to track the stock performance of companies that hold at least 1,000 BTC in their corporate reserves.

Bitwise’s new ETF will invest in companies meeting specific criteria. Eligible companies must have a market capitalization of at least $100 million, a daily average trading volume of at least $1 million, and a public float percentage below 10%.

Nate Geraci, President of ETF Store, shared a list on his X account of companies holding at least 1,000 BTC. The list is led by MicroStrategy, followed by Marathon Digital, Riot, Hut8, Tesla, and Coinbase.

Marathon Digital CEO Fred Thiel, whose company holds over 44,000 BTC, stated, “I believe MARA should be included in this ETF.”

Simon Gerovich, CEO of Metaplanet, also highlighted his company’s eligibility, saying, “Metaplanet is a Bitcoin standard company with at least 1,000 BTC in its corporate reserves.”

Nate Geraci’s tweet on the Bitwise Bitcoin ETF:

Bitwise’s application for the Bitcoin Standard Corporations ETF reflects the growing interest in institutional-level Bitcoin investments and efforts to make such investments more accessible. This type of ETF offers investors the opportunity to benefit from the performance of major companies holding Bitcoin, while also enhancing market transparency and encouraging greater institutional participation.

This initiative has the potential to attract interest from both key players in the crypto sector and traditional investors, further solidifying Bitcoin’s position within the financial ecosystem.

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Acquisition Details

Initially, MARA purchased 5,771 BTC at an average price of $95,395 per Bitcoin. It later added 703 BTC, completing the total acquisition of 6,474 BTC. Year-to-date, MARA’s per-share Bitcoin yield stands at 36.7%.

In addition to acquiring Bitcoin, the company repurchased a portion of its 2026 notes worth $200 million. MARA plans to use the remaining $160 million from the convertible debt raise to acquire more Bitcoin, capitalizing on price dips to enhance its treasury.

Following MicroStrategy’s Playbook

MARA’s strategy of leveraging convertible debt to acquire Bitcoin mirrors MicroStrategy’s approach. Since 2020, MicroStrategy has been issuing corporate debt to bolster its Bitcoin reserves. Recently, it issued $3 billion in zero-interest senior convertible notes, purchasing 55,000 BTC and increasing its total Bitcoin holdings to 386,700 BTC.

While this strategy highlights growing institutional interest in Bitcoin, it is not without risks. Critics argue that financing Bitcoin acquisitions through debt is a high-risk and unsustainable strategy, especially in the face of potential market downturns. However, both MARA and MicroStrategy aim to manage these risks by extending their repayment obligations into the long term, providing a buffer against short-term volatility.

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Bitcoin miner Marathon Digital has faced serious challenges with the Bitcoin halving this year. Mining rewards have been cut in half, while transaction difficulty has doubled. This has caused a 30% decline in MARA shares since the beginning of the year. However, market analysts say MARA shares will not fall further in the near term and have the potential to recover 3X from here. In addition, the company is preparing to respond to AI demand with its current infrastructure.

Marathon Digital Sets Up a Buy Recommendation from Macquarie

Marathon Digital Vice President of Investor Relations Robert Samuels welcomed Macquarie’s positive recommendation for MARA shares.

Macquarie’s report stated that Marathon Digital is a leader in crypto mining and provides not only mining but also physical and digital infrastructure. The company draws attention with its innovative solutions such as mining pool, miner software, stake in ASIC manufacturer Auradine and advanced two-stage liquid immersion cooling technology.

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The report also emphasized that Marathon aims to increase its operational capacity to 50 EH/s by the end of 2024 and has a strong stance in the field of social responsibility with sustainable energy solutions such as waste gas and heat recycling.

Recently, it was reported that the Public Sector Retirement Investment Board of Canada purchased 600,518 shares of MARA, worth approximately $12 million. The board owned 0.21% of Marathon Digital at the end of the second quarter.

MARA shares are currently trading at $16.14 and have been in the accumulation phase in the $13-16 range for a long time. Market analysts expect a rapid upward movement in MARA shares if Bitcoin prices rise again. After the Bitcoin halving, there was a 57% decrease in mining revenues, but these difficult times are considered to be behind us.

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The notes, which will be unsecured senior obligations, are set to mature in 2031, with interest payable semiannually beginning March 1, 2025. This move is part of a broader trend where companies continue to add Bitcoin to their balance sheets, driven by increasing demand and the perceived value of the digital asset. Marathon Digital has also provided an option for institutional investors to purchase an additional $37.5 million in principal amount of notes within a 13-day period following the initial issuance.

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The offering will be limited to qualified institutional buyers under Rule 144A of the Securities Act, allowing the company to target a specific market segment with this financial instrument. Marathon Digital’s strategy reflects the growing interest in Bitcoin as a reserve asset among major firms in the cryptocurrency space.

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Marathon Digital’s Strategic Bitcoin Acquisition

Marathon Digital today announced the ability to purchase 100 million Bitcoins, bringing the total to over 20,000 BTC. The move reflects the company’s growing confidence in cryptocurrency as a corporate asset. Alongside this acquisition, MARA has moved to a full HODL strategy, continuing to hold all canceled Bitcoin throughout its operations and through regular open market purchases.

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The Logic Behind the Bull Stance

Chairman and CEO Fred Thiel underlined the logic of this decision. Thiel, who advocates for governments to see Bitcoin as a reserve asset, said that “Bitcoin consists of the best treasury reserve asset in the world.” This pivot demonstrates MARA’s strong belief in Bitcoin’s long-term development and potential as a financial asset.

Salman Khan, CFO of MARA, detailed the timing and strategy of this acquisition. He noted Bitcoin’s current positive conditions, including growing institutional support and the broader macroeconomic environment, as key factors in their decision. Khan also stated that the recent decline in Bitcoin prices, combined with MARA’s strong supply, presents an ideal opportunity to increase their holdings.

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