Bitcoin News Today: Marathon's $46M BTC Buy Cements Second-Largest Public Holding Amid Downturn

Marathon Digital Holdings (NASDAQ: MARA) has added 400 Bitcoin (BTC), valued at approximately $46.3 million, to its corporate treasury, according to on-chain data from Lookonchain and Arkham Intelligence. The purchase, executed via institutional trading platform FalconX, brings Marathon's total Bitcoin reserves to 52,850 BTC, valued at over $6.1 billion. The move cements Marathon's position as the second-largest public Bitcoin holder, trailing only MicroStrategy, which holds 640,031 BTC.

The acquisition occurred amid a sharp market downturn triggered by U.S.-China trade tensions, which saw Bitcoin drop nearly 13% on October 10 before recovering slightly. Marathon's timing aligns with a pattern of institutional accumulation observed in prior market resets. "Marathon appears to be leveraging volatility to add to its BTC stack," said analysts, noting that the firm's custodial wallet, "3MYao," executed the purchase. The miner also reported a 5% increase in September block production, mining 736 BTC as the global hashrate rose 9% month-over-month.

Marathon's strategic buy underscores its long-term bet on Bitcoin's resilience. The firm's CEO, Fred Thiel, has emphasized a "digital asset powerhouse" strategy, with Bitcoin holdings growing from 8,100 BTC in 2021 to 52,850 BTC in 2025. This accumulation has been funded through a mix of equity raises and convertible debt, including a $950 million offering in mid-2025. The company's balance sheet now includes a $6.1 billion Bitcoin reserve, with the U.S. IRS's recent tax guidance shielding unrealized gains from the Corporate Alternative Minimum Tax.

Market analysts view Marathon's move as a vote of confidence. "Large miners like Marathon are positioned to weather downturns while optimizing for long-term gains," said Pav Hundal of Swyftx, noting that Marathon's Texas wind-powered facility and Ohio operations have boosted its hash rate to 60.4 EH/s. This efficiency allows the firm to maintain profitability even as Bitcoin's network difficulty rises. Meanwhile, Marathon's stock price, which fell 7.75% on October 10, rebounded 2.66% in after-hours trading, reflecting investor optimism about its dual strategy of mining and treasury accumulation.

The purchase also highlights growing institutional demand for Bitcoin. On-chain tracking shows Marathon's FalconX inflows are part of a broader trend, with corporate buyers and miners snapping up BTC during dips. This aligns with predictions from CoinDesk analysts that Bitcoin's inability to sustain gains above key resistance levels could lead to a retest of $100,000. However, Marathon's aggressive accumulation suggests it views volatility as an opportunity rather than a risk.

[1] Marathon Scoops Up 400 BTC After Friday's USD20B Crash (https://www.coindesk.com/markets/2025/10/13/marathon-scoops-up-400-btc-after-friday-s-usd20b-crash)

[2] Marathon Digital Adds 400 BTC, Holdings Hit 52,850 BTC (https://www.cryptotimes.io/2025/10/13/marathon-digital-adds-400-btc-holdings-hit-52850-btc/)

[3] Crypto Miner Marathon Buys 400 BTC Worth $46 Million After Market Crash (https://coinpedia.org/news/crypto-miner-marathon-buys-400-btc-worth-46-million-after-market-crash/)

[4] Marathon Digital Adds 400 BTC in $46 Million Buy Amid Post ... (https://hodlfm.com/bitcoin/marathon-digital-adds-400-btc/)

[5] Bitcoin Mining Firm MARA Holdings Adds 400 Bitcoin Worth ... (https://finance.yahoo.com/news/bitcoin-mining-firm-mara-holdings-055029125.html)