Marathon Digital Holdings, now known as MARA, has increased its Bitcoin holdings to 49,940 BTC, making it the second-largest public corporate holder of Bitcoin with a treasury valued at over $5.4 billion.

This substantial Bitcoin treasury positions MARA just shy of the 50,000 BTC milestone, reflecting a disciplined accumulation strategy by the company.

MARA's significant holdings place it behind only MicroStrategy in the ranking of publicly traded Bitcoin holders.

Fred Thiel, MARA's Chairman and CEO, attributes the growth in their Bitcoin treasury to a combination of strategic purchases and effective mining operations.

Despite facing a 25% decline in blocks won in June due to adverse weather and equipment issues, MARA is planning to expand its hash rate to 75 exahash per second by year-end, which would represent a 40% increase from the previous year.

Notably, 15,534 BTC from MARA's treasury is either pledged as collateral or held in a managed account, which is crucial for understanding the company's financial leverage.

This trend of retaining Bitcoin rather than selling it aligns with a broader market movement where miners are increasingly adopting a HODL strategy.

As a result of these behaviors, Bitcoin exchange balances have reached multi-year lows, indicating a tightening supply of Bitcoin available for immediate trade.

Thiel has also pointed out the competitive pressures on Bitcoin miners from the artificial intelligence sector, which may impact mining economics.

In the wider cryptocurrency market, altcoins such as Ethereum, Avalanche, and Cardano are gaining momentum, presenting potential trading opportunities.

Investors are keenly watching MARA's Bitcoin-heavy balance sheet as the company approaches its second-quarter earnings report, expected in August, with a projected earnings per share of -$0.41.

MARA's stock price shows a strong correlation with Bitcoin's market fluctuations, highlighted by a recent 2.7% dip in shares following a drop in Bitcoin's price.