Marathon Digital (MARA) has acquired an additional 703 Bitcoin, bringing its November purchases to a total of 6,474 BTC. The firm, now holding approximately 34,794 BTC valued at $3.3 billion, solidifies its position as the second-largest corporate Bitcoin holder after MicroStrategy. The acquisitions were funded by a $1 billion zero-interest convertible senior note sale, with $160 million reserved for future Bitcoin purchases at lower prices.

Marathon CEO Fred Thiel emphasized Bitcoin’s value as a hedge against inflation and currency devaluation, calling it essential for corporate balance sheets. Marathon’s holdings represent 0.16% of Bitcoin’s total supply, compared to MicroStrategy’s 1.8%.

Public companies have significantly increased Bitcoin holdings this year, rising from 272,774 BTC to 508,111 BTC. Over 143,800 BTC were added in November alone, marking a sharp increase from October’s 2,400 BTC. Marathon’s shares have risen nearly 14% year-to-date, reflecting growing investor confidence in its Bitcoin strategy.

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Introduction

Scholars dispute whether it was Mahatma Gandhi who first said, “First they ignore you, then they laugh at you, then they fight you, then you win.” What cannot be disputed is that advocates of bitcoin have adopted the aphorism as their own.

Bitcoiners commonly prophesize that at some point, bitcoin will replace the US dollar as the world’s predominant store of value.[1] Less frequently discussed is the essential question of exactly how such a transition might take place and what risks may lie along the path, especially if the issuers of fiat currency choose to fight back against challenges to their monetary monopolies.

Will the US government and other Western governments…

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