Marathon Holdings, Inc. (Mara), the largest mining company in Bitcoin (BTC) that quotes on the stock market, showed its position on the custody of Bitcoin, an increasingly relevant topic in the ecosystem.
«We have 47,000 BTC in our balance and never guard so many,» said Paul Giordano, vice president of Mara Digital Assets Management, in recent statements. The statement caught the attention of the Bitcoiner community, since it comes from a company deeply involved in network infrastructure.
Mara’s decision exposes a background voltage: even native ecosystem companies, with technical knowledge and direct exposure to the protocol, choose to delegate the custody of their BTC. This could respond, in part, to the lack of advanced solutions of self -ustody in the Bitcoin Network, but also to a fear that can be reduced by sacrificing the self -management of the treasury, although increasing the risk of counterpart.
Some developers point out that proposals such as op_checktemplateverify or op_vault could facilitate the creation of safer vaults for the possession of large volumes, but not being implemented yet, the operational risk and technical complexity lead many entities to yield the control of their BTC.
In parallel, Mara continues with her accumulation strategy. On March 31, the firm presented to the United States Stock Exchange and Securities Commission (SEC) Form 8-Ky a prospect, in which it details a market sales agreement with investment giants, including Cantor Fitzgerald and Barclays.
In the presentation, Mara points out: «We intend to use the net income of this offer for general corporate purposes, including the acquisition of Bitcoin and for working capital.»
In this way, Bitcoin’s mining company is committed to digital currency In a scenario of economic uncertainty and political tensionscaused by the commercial war that the US President Donald Trump began in the framework of the «Day of Liberation».
As Cryptonoticias has reported, on April 2, the Republican leader announced the application of reciprocal tariffs to several countries, including China, the European Union and the nations of Latin America.
Wall Street suffered a strong fall on April 4, losing 3.5 billion dollars in stock market capitalization, a figure that exceeds the total value of the cryptocurrency market (2.6 billion dollars). The most affected actions of the Magnificent 7 group were Tesla, with a decrease of 10.42%, Nvidia with a 7.36%drop and Apple with a 7.29%setback. The Dow Jones fell 2,200 points, the S&P 500 lost 10% in just two days and Nasdaq 100 contracted 6% during the day, its greatest fall since 2020.
Meanwhile, Bitcoin showed strength and remained above $ 82,000despite the high volatility he has experienced during the first quarter of 2025.
The most valuable digital asset performance in the market reinforces The narrative that Bitcoin acts as «digital gold» and can function as a refuge in times of economic turbulence.
As Cryptonoticia explained, this is because the supply of BTC is limited in 21 million units, and its broadcast is reduced every 4 years in an event known as halving.
Likewise, it must be noted that, unlike Fíat money, Bitcoin is not devalued by the issuance or monetary policies of the central banks.
This feature, added to its inherent scarcity, is what attracts both small investors and large companies and Mara, who are incorporating BTC into their treasury as a reserve asset.
In this sense, it is worth noting that the pioneer of this strategy was Strategy (formerly Microstrategy), the software solution signature directed by Michael Saylor, which is currently The company that lies in the stock market with the largest amount of BTC in its treasury.
According to Bitcoin Treasuries, the 5 public contribution companies that have more BTC in their treasury are: Strategy (528.185 BTC), Digital Marathon (47,600 BTC), Riot (19,223 BTC), CleansPark (11.869 BTC) and Tesla (11.509 BTC).
However, the difference between both firms is that Strategy has made the purchase of BTC its exclusive identity, while Mara combines Bitcoin’s acquisition along with the support of her main mining business.
This implies that Mara, as a mining, potentially faces production costs higher than Strategy, which entails greater risk but also a potentially higher benefit, depending on factors such as the price of energy, the difficulty of the network and the market value.