Update: Marathon Digital Acquires Additional BTC

Wallets belonging to largest public Bitcoin mining firm Marathon Digital, have been spotted acquiring additional BTC for their Bitcoin strategic reserve, with deposits flowing in from various centralized exchange FalconX. Since 14th August, the Marathon Digital Cold Wallet (3KbWi), which is managed by Fidelity’s custody services, has received 1,600 BTC from FalconX’s hot wallets in three separate transactions. The cold wallet also saw a deposit of 301 BTC from Galaxy Digital in the same time period.

These deposits are believed to be linked to Marathon Digital’s recent purchase of 4,144 BTC (~$249M) after closing an oversubscribed round of senior convertible notes, through which they raised $300M. The recent purchase brings their current holdings to 25,000 BTC, placing them only second to Michael Saylor’s Microstrategy in corporate BTC holdings. Microstrategy currently holds 226,500 BTC (~$13.51B) as of June 2024, almost 10x Marathon Digital’s holdings.