U.S. Publicly Traded Crypto Miners Double Bitcoin Holdings in 2024
Publicly traded U.S. crypto mining companies saw their Bitcoin (BTC) holdings more than double in 2024, reaching a total of 92,473 BTC, valued at $8.6 billion by the end of December. This increase came as Bitcoin’s price surged by 120%, according to data from TheMiningMag.
The largest Bitcoin holder among these companies is MARA Holdings (MARA), which holds 44,893 BTC, representing nearly half of the total holdings. MARA’s Bitcoin stash ranks second among public companies, with only MicroStrategy (MSTR) surpassing it with its massive 450,000 BTC holdings.
The “HODL” strategy—investing in Bitcoin and holding onto it for the long term—has gained significant traction in the past year, particularly among crypto miners. Three other mining companies hold over 10,000 BTC: Riot Platforms (RIOT) with 17,722 BTC, Hut 8 (HUT) with 10,171 BTC, and CleanSpark (CLSK) with 10,097 BTC, as per Bitcoin Treasuries.
However, not all miners have adopted the HODL approach. Companies like IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) hold minimal or no Bitcoin at all. These companies have shifted their focus to the artificial intelligence (AI) and high-performance computing (HPC) sectors due to the competitive nature of the mining industry.
While Bitcoin’s price trajectory has not always been mirrored by mining companies’ stock prices, some have recently outperformed. Core Scientific and TeraWulf, which have pivoted to AI, saw over 300% returns in 2024. This year, miners that continue to hold Bitcoin, such as RIOT, HUT, and CLSK, have seen strong gains, with only Bitdeer (BTDR) posting negative returns despite a strong performance last year.
