Comprehensive Analysis of MARA Holdings and Its Expanding Bitcoin Reserves
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MARA Holdings Inc. Expands Bitcoin Holdings
MARA Holdings Inc., a prominent cryptocurrency mining enterprise based in the United States, has significantly bolstered its Bitcoin (BTC) reserves. In September, the company increased its BTC holdings by 373 coins, raising its total reserves from 52,477 to 52,850 BTC. This development reinforces MARA’s position as the second-largest public company in terms of Bitcoin reserves, following closely behind Michael Saylor’s Strategy.
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An Overview of MARA Holdings’ September BTC Accumulation
As per an official statement released today, MARA Holdings’ Bitcoin reserves experienced a notable increase of 373 coins during September. With the current market valuation, the company’s total BTC holdings are estimated at approximately $6.4 billion.
In September alone, MARA Holdings mined 736 BTC, which equates to an approximate value of $88.6 million. This marks a 4.4% increase compared to the 704 BTC mined in August 2025. The September mining output represents about 5.2% of all miner rewards, inclusive of generated transaction fees. Consequently, MARA Holdings retains its status as the largest public BTC miner, based on BTC held.
Strategic Management of Bitcoin Assets
It’s important to note that MARA Holdings’ Bitcoin assets are actively managed. These reserves may be loaned out or employed as collateral. Fred Thiel, Chairman and CEO of MARA Holdings, stated, “In September, we produced 218 blocks, a 5% growth over August, reflecting the robustness and adaptability of our operations, even as the global hashrate increased by 9% month-over-month, reaching an average of 1,031 EH/s. This growth in production underscores our ability to execute consistently, despite the increasing complexity of mining.”
While MARA Holdings follows Strategy, the leading public company with the largest Bitcoin reserves, Strategy has recently expanded its BTC holdings by purchasing an additional $22 million worth of BTC, amassing a total of 640,031 BTC, valued at around $77 billion.
Major Public Bitcoin Holders
Other notable public companies with significant BTC reserves include Twenty One (43,514 BTC), Japan-based Metaplanet (30,823 BTC), and Bitcoin Standard Treasury Company (30,021 BTC). Additionally, renowned firms such as Trump Media & Technology Group Corp., Galaxy Digital Holdings, Coinbase Global, Tesla, and the Jack Dorsey-backed Block rank among the top 15 public companies with substantial BTC reserves.
Corporate Interest in Altcoins
Despite Bitcoin’s dominance as the most widely adopted cryptocurrency, altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) are gaining traction as viable options for corporate treasuries.
For instance, NASDAQ-listed VisionSys AI has announced plans to launch a Solana-based treasury initiative, estimated at up to $2 billion. Similarly, a newly established Avalanche-based treasury company is projected to acquire $1 billion worth of AVAX tokens by 2026. Meanwhile, the Ethereum-focused treasury firm BitMine expanded its assets by purchasing 46,225 ETH in September, bringing its total ETH holdings to over 2.1 million.
As of this writing, Bitcoin is trading at $121,791, reflecting a 1.7% increase over the past 24 hours.
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