In 2024, U.S.-listed crypto mining companies saw a significant increase in their bitcoin holdings, with the total amount more than doubling. As of December 2024, these publicly traded miners collectively held 92,473 BTC, valued at $8.6 billion, marking a remarkable 120% price increase for bitcoin during the year, as reported by TheMiningMag.

MARA Holdings (MARA) led the pack, holding 44,893 BTC, accounting for almost half of the total bitcoin reserves among publicly traded companies. MicroStrategy (MSTR) remains the leader in bitcoin holdings with its 450,000 BTC, but MARA’s position solidifies its significant presence in the market.

This trend of accumulating bitcoin and holding onto it long-term, often referred to as “HODLing,” has gained traction over the past year. Other companies, such as Riot Platforms (RIOT), with 17,722 BTC, Hut 8 (HUT), with 10,171 BTC, and CleanSpark (CLSK), with 10,097 BTC, also adhere to this strategy, as tracked by Bitcoin Treasuries.

However, not all miners follow the HODL approach. Companies like IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ) have kept limited or no bitcoin reserves, opting to pivot towards industries such as artificial intelligence (AI) and high-performance computing (HPC) due to the competitive nature of the mining business.

While many of these miners have seen their stock prices lag behind bitcoin’s meteoric rise, Core Scientific and TeraWulf have emerged as notable performers, with returns exceeding 300% thanks to their shift into the AI sector.

In 2025, miners that have focused on accumulating bitcoin have seen positive results. Riot, Hut 8, and CleanSpark have all outperformed bitcoin, while Bitdeer (BTDR) saw a decline after its strong 2024 performance.