Publicly traded U.S. crypto miners have more than doubled their bitcoin holdings over the past year, taking the total to almost 100,000 valued at $8.6 billion.
Publicly Traded U.S. Crypto Miners Double Bitcoin Holdings to Almost 100K in a Year
Since January 2024, publicly traded U.S.-listed companies have more than doubled their bitcoin holdings, taking the total to 92,473 valued at $8.6 billion as of end-December. This significant increase can be attributed to the growing popularity of the HODL (Hold On for Dear Life) strategy, which involves investing in bitcoin and keeping it for the long term.
The Rise of HODL Strategy
The HODL strategy has gained popularity over the past 12 months, with many miners adopting this approach. This strategy is named after a typing error made more than a decade ago, but its effectiveness has been proven time and again. As a result, three other miners hold more than 10,000 BTC: Riot Platforms (RIOT) with 17,722 BTC, Hut 8 (HUT) with 10,171 BTC, and CleanSpark (CLSK) with 10,097 BTC.
Not All Miners Follow the HODL Playbook
Not all miners subscribe to the HODL strategy. IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) have opted out of this approach, instead focusing on artificial intelligence (AI) and high-performance computing (HPC) industries. Due to the competitive nature of the business, these companies have pivoted away from traditional mining.
Share Prices vs. Bitcoin Performance
Share prices for miners have generally underperformed bitcoin’s trajectory. However, some standout performers, such as Core Scientific and Terawulf, with their new AI focus, have seen over 300% returns. This year, though, the miners that HODL bitcoin have strongly benefited, with RIOT, HUT, and CLSK all outperforming bitcoin. Only Bitdeer (BTDR) has generated negative returns, after seeing a strong performance in 2024.
Key Players
MARA Holdings (MARA) holds the largest amount of bitcoin, almost half of the total, with 44,893 BTC. MicroStrategy‘s (MSTR) 450,000 BTC is the second-largest stash among publicly listed companies. The growing popularity of the HODL strategy has led to a significant increase in bitcoin holdings for public U.S.-listed companies.
Performance Metrics
Miner performance over the past year can be seen in the chart below:
[Insert chart or table with miner performance data]
Note: The chart is not included in this text-based output, but it should be included in the published article.
