MSTR vs. MARA: Strategy’s Bitcoin Accumulation Is 11 Times MARA’s Stack

Bitcoin in corporate treasuries jumped to 1.11M BTC over the last six months, led by Strategy’s 62% share and widening lead over MARA Holdings.

• Strategy dominated all the corporate holdings, followed by MARA Holdings.
• Strategy's share accounts for 62.05% of all the corporate Bitcoin held. 
• Corporate Bitcoin treasuries added around 260,000 Bitcoin in six months, outpacing new mining supply by about 3-to-1.

Corporate demand for Bitcoin is accelerating, with public and private companies adding far more BTC than the network is producing. Strategy (MSTR) outpaced MARA holdings (MARA) by 1,191% in Bitcoin accumulation, as public and private companies' Bitcoin treasuries rose from 854,000 to 1.11 million over the last six months.

Strategy accounts for the majority of corporate holdings. The company holds 687,410 Bitcoin, or about 62.05% of all corporate treasury Bitcoin, according to Bitcoin Treasuries data. Strategy disclosed in a recent filing that it bought 13,627 Bitcoin between early and mid-January, making its largest purchase since July.

On Wednesday, on-chain analytics firm Glassnode said Bitcoin treasuries held by public and private companies grew from about 854,000 Bitcoin to 1.11 million Bitcoin over the past six months, an increase of roughly 260,000 BTC, or around 43,000 Bitcoin per month. Glassnode described this as a steady rise in corporate balance-sheet exposure to Bitcoin.

MSTR, MARA Stocks Gain As Bitcoin Tests $95,000

Strategy (MSTR) closed at $172.99 on Tuesday, up over 6%. On Wednesday, pre-market hours MSTR traded at $176, up 1.86%. On Stocktwits, retail sentiment around Strategy remained in ‘extremely bullish’ territory, as chatter levels dropped from ‘extremely bullish’ to ‘bullish’ levels over the past day. 

MARA Holdings (MARA) closed at $10.95, up 2.82% on Tuesday. In pre-market hours, the stock was up 0.73 at $11.03 on Wednesday.  On Stocktwits, retail sentiment around Mara Holdings dropped from ‘bearish’ to ‘neutral ‘ territory, as chatter remained at ‘normal’ levels over the past day. 

Bitcoin was trading at $94,863.14, after hitting a 24-hour high of $96,011.62 on Wednesday. On Stocktwits, retail sentiment around the apex crypto improved from ‘bearish’ to ‘bullish’ territory, accompanied by ‘normal’ chatter levels over the past day.   

DAT Accumulation Outpaces Crypto Mining Supply

Corporate bitcoin treasuries have expanded faster than new supply, adding to a tightening supply-demand narrative around Bitcoin (BTC). The six-month accumulation outpaced newly mined Bitcoin. After the 2024 halving, the block subsidy was reduced to 3.125 Bitcoin, and the network issues roughly 450 Bitcoin per day on average. That is roughly about 82,000 Bitcoin over six months based on standard issuance. 

Among other top public treasury holders tracked by Bitcoin treasuries, MARA Holdings, Inc. (MARA) ranks second with 53,250 Bitcoin (mNAV 1.04), while Twenty One Capital (XXI) is third with 43,514 Bitcoin (mNAV 0.81).

Cointelegraph published a report on Wednesday stating that corporate digital-asset treasuries added a net 260,000 Bitcoin over the past six months, roughly three times the estimated 82,000 Bitcoin mined during the same period. 

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