U.S.-listed crypto mining companies have significantly increased their bitcoin holdings over the past year, according to data from TheMiningMag. By the end of December 2024, these companies held a combined total of 92,473 BTC, valued at $8.6 billion. This represents a remarkable 120% growth, coinciding with bitcoin’s rise in value.
MARA Holdings (MARA) holds the largest amount, with 44,893 BTC, securing its place as the second-largest holder among publicly traded companies, following MicroStrategy (MSTR), which leads with 450,000 BTC. The strategy of accumulating bitcoin for the long term, known as “HODLing,” has grown increasingly popular, with several other mining companies adopting this approach.
Riot Platforms (RIOT) holds 17,722 BTC, while Hut 8 (HUT) and CleanSpark (CLSK) each hold just over 10,000 BTC, continuing the trend of significant HODL accumulation.
However, not all miners are following the HODL strategy. Companies like IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) hold little or no bitcoin, opting to pivot toward industries such as artificial intelligence (AI) and high-performance computing (HPC) to remain competitive in the market.
Despite bitcoin’s stellar performance, mining stocks have generally underperformed compared to other crypto-related equities. Still, certain companies like Core Scientific and TeraWulf, which embraced AI, saw impressive returns, with both companies generating over 300% returns in 2024.
As the year progresses, companies that have chosen to HODL their bitcoin are seeing positive results, with Riot, Hut 8, and CleanSpark outpacing bitcoin itself. Bitdeer (BTDR), which had a strong performance in 2024, experienced a slight pullback.
