In a remarkable display of conviction, publicly traded U.S. crypto mining companies have collectively doubled their bitcoin (BTC) holdings over the past year, amassing a war chest of nearly 100,000 BTC valued at a staggering $8.6 billion. As the price of the world’s largest cryptocurrency surged by 120% in 2024, these mining giants have steadily accumulated bitcoin, solidifying their positions as some of the largest bitcoin treasuries in the world.
MARA Leads the Pack with 44,893 BTC
Leading the charge is MARA Holdings (MARA), which now holds an impressive 44,893 BTC, accounting for nearly half of the total bitcoin held by U.S. public miners. This massive stockpile positions MARA as the second-largest public company holder of bitcoin, trailing only MicroStrategy (MSTR) and its 450,000 BTC treasury.
Riot, Hut 8, and CleanSpark Join the 10K BTC Club
Close on MARA’s heels are three other mining powerhouses that have each amassed over 10,000 BTC:
- Riot Platforms (RIOT) with 17,722 BTC
- Hut 8 (HUT) with 10,171 BTC
- CleanSpark (CLSK) with 10,097 BTC
These substantial holdings underscore the growing trend among miners to HODL their bitcoin for the long term, a strategy that has gained significant traction over the past 12 months.
The Great Divergence: HODL vs. Pivot
However, not all miners are betting big on bitcoin. Some, like IREN, TeraWulf, and Core Scientific, have opted to keep very little or no bitcoin on their balance sheets. Instead, these companies have made strategic moves to pivot into the burgeoning artificial intelligence (AI) and high-performance computing (HPC) industries, seeking to diversify their revenue streams in the face of intense competition in the mining space.
Miners’ Stock Performance: A Mixed Bag
Interestingly, the miners’ share prices have not uniformly tracked bitcoin’s impressive gains. While bitcoin and crypto-related equities like MicroStrategy have outperformed most miners, there have been some notable exceptions:
- AI-focused Core Scientific and Terawulf saw returns exceeding 300%
- Bitcoin HODLers RIOT, HUT, and CLSK outperformed bitcoin itself
- Bitdeer (BTDR) experienced negative returns despite a strong 2024 performance
As the crypto mining industry continues to evolve and mature, it remains to be seen which strategy – steadfast bitcoin accumulation or strategic diversification – will prove most successful in the long run. One thing, however, is certain: with nearly 100,000 BTC now held by U.S. public miners, these companies have positioned themselves as major players in the bitcoin ecosystem, and their actions will likely have significant implications for the future of the crypto market as a whole.
