US Crypto Miners Have Doubled Their Bitcoin Holdings to Nearly 100K in One Year
Recent data reveals that publicly traded U.S. crypto miners significantly increased their bitcoin reserves, reflecting the growing adoption of HODL strategies.
Key Points:
- Publicly traded U.S. crypto miners are nearing 100,000 BTC in total holdings.
- Few miners have outperformed bitcoin this year, with dedicated miners leading the pack.
Publicly traded U.S. crypto mining companies doubled their bitcoin (BTC) holdings over the last year, reaching a total of 92,473 BTC valued at $8.6 billion as of December's end, amidst a 120% rise in bitcoin's price, according to data from TheMiningMag.
The largest portion of these holdings, nearly half, is owned by MARA Holdings (MARA), with 44,893 BTC, making it the second-largest holder after MicroStrategy (MSTR), which holds 450,000 BTC.
The trend of investing in bitcoin for the long term, known as HODL, has gained traction in the past year, stemming from a typo that turned into an investment philosophy more than a decade ago. Three other miners maintain significant holdings exceeding 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 reported by Bitcoin Treasuries.
In contrast, companies like IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) have opted for minimal or no bitcoin retention, venturing instead into artificial intelligence (AI) and high-performance computing (HPC) sectors due to competitive market pressures.
While share prices have not mirrored bitcoin's upward trajectory, standout companies like Core Scientific and Terawulf, which focused on AI, have achieved over 300% returns. Meanwhile, miner stocks that HODL bitcoin, such as RIOT, HUT, and CLSK, have outperformed bitcoin this year, except for Bitdeer (BTDR), which saw negative returns despite prior strong performance.
