Marathon Now Becomes 2nd-Largest Bitcoin Holder

Stack of Bitcoin tokens

Marathon Digital Holdings, a Bitcoin mining business, is now listed as the world’s second-largest publicly traded Bitcoin holding.

Since July, the mining company produced over 1,231 Bitcoin. Marathon’s CEO also assured that his company is choosing not to sell its tokens, and will hold the produced BTC for now.

Fred Thiel, the mining company’s CEO, revealed during the company’s third-quarter earnings call on Nov. 8 that the company now holds 11,300 BTC, valued at approximately $205 million.

“Making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide,” Thiel said, referring to unidentified third-party data.

Marathon closing in on MicroStrategy

The Nasdaq-listed cryptocurrency miner is just second after MicroStrategy Inc. Following Marathon is the crypto exchange Coinbase, and the payments business Block Inc., established by Jack Dorsey.

On Nov. 8, the firm published third-quarter profits, indicating that it added 616 BTC to its holdings throughout the quarter. Also, another 615 BTC was acquired in October alone – the most productive month in the company’s history.

The Marathon Digital CEO also said that the company has not sold any of its Bitcoin yet and would continue to do so unless “essential to fund operating expenditures or other expenses.”

State of Bitcoin

The cryptocurrency market continues to support the recovery seen in the early hours of Friday. Currently, Bitcoin (BTC) remains in the US$ 17,000 range in the aftermath of the scandal involving FTX.

Investors are still digesting the barrage of news about the FTX incident. The exchange returned to gradually releasing withdraws after the company announced an agreement with the controversial entrepreneur Justin Sun’s blockchain project Tron (TRX).

The fallout from the FTX case is far from over. It is yet unknown if other businesses were affected, as well as whether new investors respected investor obligations.

During this time, US regulators are working to speed up the debate over cryptocurrency regulation.

American legislators issued a statement on the case today, requesting greater speed in the passage of a regulatory framework.

Sen. Patrick Toomey, a member of the Senate Banking Committee, stated that “the cryptocurrency sector is operating with significant ambiguity because regulators refused o provide clear guidance to well-intentioned investors and legislators take no action.”

Another Senator member of the same committee, Cynthia Lummis, also talked about how the recent events that occurred between FTX and Binance are “the clearest example at this time of why we need clear rules for digital asset brokers in the United States”.

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