Before 2021, miners lacked a serious Bitcoin Treasury strategy. But with the Bitcoin price nearly tripling over the year, miners have started aggressively accumulating Bitcoin on their balance sheets.

Based on the most recent figures reported from quarterly reports, investor presentations, and press releases, top mining companies hold 23,034 coins or 0.12% of Bitcoin in circulation.

The table below breaks out the holdings of individual mining companies.

Below is an overview of the top three miners’ holdings.

Marathon holds more than 7,000 BTC.

Marathon holds substantially more Bitcoin than its peers, primarily due to a purchase it made in January for 4,813 coins at an average price of $31,168. In October, Marathon mined 418 Bitcoin, of which 100% was allocated to its Bitcoin treasury, bringing the total number of coins to a whopping 7,453.

Hut 8's bitcoin holdings top 5,000 BTC.

Earlier in the year, Hut 8 implemented a “HODL Strategy” to acquire at least 5,000 coins by 2022. Admirably, the miner smashed its goal by the third quarter and now holds 5,053 coins on the balance sheet. The miner’s success can be attributed to its consistency of holding 100% of its self-mined coins and its fleet of NVIDIA GPUs mining Ethereum that earn 1.8 to 2.0 Bitcoin per day. Now that’s some serious stacking!

Riot holds nearly 4,000 BTC.

In October, Riot mined 464 Bitcoin of which 99% was held for its treasury. Riot now holds approximately 3,995 Bitcoin on its balance sheet. Riot expects to bolster production even further with its Whinstone expansion and immersion-cooling technology.

Final thoughts

Miners continue to expand operations at a record pace and remain committed to adding Bitcoin to their balance sheets. There’s a race among miners on who can hodl the most coins. And investors are taking notice. Miners who have not committed to a Bitcoin treasury policy are falling behind in terms of share price appreciation.