Bitcoin miner Marathon Digital Holdings has reached the second spot for Bitcoin reserves for public firms, the company revealed in its third quarter (Q3) conference call on Tuesday.
To date, figures show the firm holds 11,300 BTC, totalling $205 million USD, to reach the number two spot globally, Marathon Digital announced, citing unnamed third-party information.
Q3 Figures and Facts
The Las Vegas-based firm remains surpassed by MicroStrategy Inc, which owns 130,000 BTC, with Coinbase and Block Inc, Jack Dorsey’s crypto platform, following at third and fourth, respectively.
In the call, it also noted October was its most productive month in operational history after it added a further 615.
.@fgthiel: “We have sequentially improved our bitcoin production, from 72 bitcoin in July, to 184 in August, then to 360 in September, and then to a record 615 in October. October was the most productive month in our Company’s history…” pic.twitter.com/wsfv0XOIuV
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022
Chief Executive Fred Thiel said that consistent improvements to its Bitcoin production were “the direct result of increasing our hash rates by bringing more Bitcoin servers online and improving those servers.”
He added that the company had still not sold any Bitcoin and would only do so when necessary to “cover operating expenses,” compared to other firms such as Argo, Core Scientific and others.
Q3 net losses for the firm topped roughly $75.4 million and revenues plummeted 75.5 percent year-on-year to $12.7 billion, the report found.
Binance-FTX Buyout Row
Later in the call, Thiel cited the ongoing row between Changpeng Zhao, Binance’s CEO, and FTX’s Sam Bankman-Fried, which he claimed caused turmoil to Bitcoin’s pricing.
Despite ongoing market instability, following a massive short liquidation of BTC and ETH in November, Thiel said in the call he believes BTC would return to $18,000 to $20,000.
The news comes amid a tumultuous market, namely after FTX liquidity reached crisis levels this week, triggering the massive cryptocurrency exchange to seek assistance from Binance, the world’s largest exchange.
News of the potential FTX buyout sent cryptocurrencies tumbling, with BTC plummeting to below $17,000 and Ether (ETH) nosediving to $1,160, CoinGecko exchange prices showed on Wednesday.
