Public U.S. Crypto Miners Double Bitcoin Reserves, Surpassing 100K in Just One Year.

Publicly traded U.S. crypto mining companies have experienced remarkable growth in their bitcoin holdings, as the industry has seen significant shifts in strategy. As of the end of December 2024, these firms collectively held 92,473 BTC, valued at $8.6 billion, following a 120% rise in the price of bitcoin over the year, according to TheMiningMag.

MARA Holdings (MARA) holds the largest share, with 44,893 BTC, making up nearly half of the total holdings among publicly listed companies. Only MicroStrategy (MSTR) surpasses MARA, with 450,000 BTC in its treasury. This accumulation strategy, known as HODLing, has gained widespread adoption among miners over the last year.

In addition to MARA, several other miners hold large amounts of bitcoin, including Riot Platforms (RIOT) with 17,722 BTC, Hut 8 (HUT) with 10,171 BTC, and CleanSpark (CLSK) with 10,097 BTC, as tracked by Bitcoin Treasuries.

However, not all mining companies follow this strategy. IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) have opted not to accumulate significant bitcoin reserves, focusing instead on other industries like artificial intelligence (AI) and high-performance computing (HPC) due to the intense competition in the mining space.

Despite the increase in bitcoin holdings, stock performance has not consistently mirrored bitcoin’s growth. While some companies have underperformed in comparison to bitcoin and other crypto-related stocks, Core Scientific and TeraWulf stood out with over 300% returns, primarily due to their pivot towards AI.

In 2025, miners who have adhered to the HODL strategy have seen strong gains, with companies like Riot, Hut 8, and CleanSpark outperforming bitcoin’s price growth. Bitdeer (BTDR), however, experienced a dip in returns after a strong showing in 2024.