Marathon Digital Holdings just added another 1,000 Bitcoin to its already substantial war chest, purchasing the tokens for roughly $66.7 million. The acquisition, executed through institutional trading platform FalconX, puts the implied per-coin price at about $66,700.
MARA, which trades under the ticker MARA on NASDAQ, has been running a formal HODL strategy since at least July 2024, retaining all mined Bitcoin and routinely making open-market purchases on top of that.
The strategy behind the stack
MARA has been positioning itself as the second-largest corporate holder of Bitcoin, trailing only MicroStrategy. Marathon also mines Bitcoin, giving it two distinct channels for accumulation: production and purchases. It generates new coins through its mining operations, keeps everything it produces rather than selling to cover costs, and when it wants to accelerate its holdings beyond what mining delivers, it goes shopping through FalconX.
The company’s total Bitcoin holdings have fluctuated between approximately 35,000 and over 50,000 BTC depending on the reporting period. That range reflects the push and pull of continuous mining output, strategic purchases like this one, and occasional sales used to optimize the balance sheet and manage debt obligations.
