Publicly Traded U.S. Crypto Miners Double Bitcoin Holdings to Almost 100K in a Year

Publicly Traded U.S. Crypto Miners Double Bitcoin Holdings to Almost 100K in a Year

Bitcoin Holdings for U.S.-Listed Public Companies More Than Double Since January 2024

By James Van Straten | Edited by Sheldon Reback
Jan 17, 2025, 10:24 a.m. UTC

What You Need to Know:

• U.S.-listed crypto miners are collectively approaching 100,000 BTC in holdings.
• A few miners have significantly outperformed Bitcoin this year, with those that focus exclusively on mining leading the charge.

Publicly traded U.S. crypto mining companies have dramatically increased their Bitcoin (BTC) holdings over the last year, with the total more than doubling to 92,473 BTC, valued at approximately $8.6 billion as of December 2024. This surge in holdings corresponds with a 120% increase in Bitcoin's price.

Among the companies leading this charge is MARA Holdings (MARA), which alone holds 44,893 BTC, almost half of the total BTC held by all U.S.-listed public crypto miners. MARA's holdings make it the second-largest Bitcoin holder among publicly traded companies, following MicroStrategy (MSTR), which boasts an enormous 450,000 BTC.

The trend of acquiring and holding onto Bitcoin—colloquially known as HODL, a term originating from a typographical error more than a decade ago—has gained significant traction in the past year. Several other companies are embracing this strategy. Riot Platforms (RIOT) holds 17,722 BTC, while Hut 8 Mining Corp. (HUT) and CleanSpark (CLSK) each have more than 10,000 BTC in their treasuries, according to data from Bitcoin Treasuries.

However, not all miners are following the HODL strategy. Companies like IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) have minimal or no Bitcoin holdings. These companies have shifted focus to the rapidly growing artificial intelligence (AI) and high-performance computing (HPC) industries, pivoting away from the traditional mining business model due to increased competition.

Despite Bitcoin's strong price performance, the share prices of many miners have not mirrored Bitcoin's rise. Overall, crypto miners have generally underperformed Bitcoin and other related equities, such as MicroStrategy. However, Core Scientific and TeraWulf have been standout performers, experiencing over 300% returns after pivoting toward AI.

In contrast, miners that have committed to the HODL strategy are seeing more success in 2025. Companies like Riot Platforms (RIOT), Hut 8 (HUT), and CleanSpark (CLSK) are significantly outperforming Bitcoin in the stock market. The only notable exception is Bitdeer (BTDR), which has experienced negative returns after a strong 2024 performance.