Marathon Holdings Sells 726 Bitcoin, Cutting Holdings to About 35,600
Summary
- Marathon Holdings sold 726 Bitcoin, reducing its holdings to 35,577.
- Marathon posted a $610 million net loss in the second quarter this year as the crypto bear market weighed on results.
- Marathon's CFO said the main factors behind its second-quarter results were falling Bitcoin prices and a restructuring of its power portfolio and capital structure.
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Marathon Holdings, a US Bitcoin miner, has sold 726 Bitcoin.
BitcoinTreasuries data on Aug. 7 showed Marathon recently sold the tokens.
The sale reduced Marathon's Bitcoin holdings to 35,577. By Bitcoin holdings, it ranks fourth among publicly traded companies worldwide.
Marathon posted a net loss of $610 million in the second quarter this year as the crypto bear market weighed on results. Bitcoin production rose 3% from a year earlier to 2,422 in the quarter, but lower Bitcoin prices offset the benefit of higher output.
Chief Financial Officer Salman Khan said two factors drove the company's second-quarter results: falling Bitcoin prices and a restructuring of its power portfolio and capital structure.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul