Strategy and MARA Double Down on Bitcoin After Market Crash

Two of the world’s largest corporate Bitcoin holders expanded their BTC reserves following the weekend market sell-off, signaling continued institutional confidence in the asset.

In a decisive move following last weekend’s crypto crash, Strategy Inc. and MARA Holdings have significantly increased their Bitcoin positions, reinforcing their standing among the world’s top corporate BTC holders. The acquisitions come as markets stabilize in the wake of U.S. President Donald Trump’s efforts to ease trade tensions with China.

Strategy Inc. Expands Treasury to 640,250 BTC

Strategy Inc. (formerly MicroStrategy) made another strategic accumulation during the week of October 6–12, purchasing 220 BTC for $27.2 million at an average price of $123,561 per coin. This brings the company’s total holdings to 640,250 BTC, acquired for $47.38 billion at an average cost of $74,000 per BTC.

The purchase was financed entirely through the company’s At-The-Market (ATM) equity programs. According to a recent filing, proceeds came from:

STRF ATM (10.00% Series A perpetual strife preferred stock) — 170,663 shares sold, netting $19.8 million
STRK ATM (8.00% Series A perpetual strike preferred stock) — 16,873 shares sold, raising $1.7 million
STRD ATM (10.00% Series A perpetual stride preferred stock) — 68,775 shares sold, generating $5.8 million

These ATM offerings have become a cornerstone of Strategy’s financing model, enabling the company to convert equity proceeds directly into Bitcoin. As of October 12, Strategy still holds billions in available issuance capacity across its preferred and common stock classes — $1.7 billion (STRF), $4.1 billion (STRD), $20.3 billion (STRK), and $15.9 billion (MSTR). This gives the company a broad financial runway for future BTC purchases.

By leveraging structured capital raises and disciplined accumulation, Strategy continues to position itself as the world’s largest corporate Bitcoin holder, a title that has made it a bellwether for institutional crypto adoption.

MARA Holdings Adds 400 BTC Amid Expansion Push

MARA Holdings — formerly Marathon Digital — also moved aggressively this week, buying 400 BTC worth $46.31 million through trading platform FalconX, according to on-chain data from Arkham and reported by LookOnChain. This brings MARA’s total Bitcoin reserves to 53,250 BTC, valued at approximately $6.12 billion.

The purchase follows a strong financial performance for MARA, which reported $238 million in Q2 revenue, marking a 64% year-over-year increase. The company has been steadily building its Bitcoin position since late 2024, growing its treasury from 49,951 BTC in June — a 170% increase year-over-year — to today’s levels.

Beyond mining, MARA is branching into new technology verticals through partnerships with TAE Power Solutions (backed by Google) and PADO AI (backed by LG) to develop energy-efficient platforms for AI and next-generation data centers. CEO Fred Thiel said in July that the firm aims to reach 75 EH/s of mining capacity by the end of 2025, positioning it as a global leader in hash rate production.

“Our vertically integrated mining operations, large BTC treasury, budding international energy partnerships, and early AI infrastructure investments each contribute distinct and measurable value,” said MARA CEO Fred Thiel.

MARA’s stock price fell 9.33% on October 10 amid mixed options sentiment but rebounded 2.66% shortly after. The shares are currently trading at $19.13, according to Yahoo Finance.

Corporate Bitcoin Accumulation Intensifies

According to BitcoinTreasuries data on October 13, 349 entities currently hold Bitcoin, including 205 public companies. Among the top 100 corporate holders:

Strategy (MicroStrategy) leads with 640,250 BTC — representing 3.049% of total Bitcoin supply.
MARA Holdings ranks second with 53,250 BTC — or 0.254% of supply.

Other notable players include Metaplanet in Japan and Smarter Web Company in UK, both of which have adopted similar BTC treasury strategies. Smarter Web Company, UK largest publicly traded Bitcoin holder, recently purchased 100 BTC for $12.1 million at an average of $120,480 per coin. The firm’s total holdings now stand at 2,650 BTC, ranking it 30th among the top 100.

Smarter Web has emphasized its “10 Year Plan” — a long-term strategy of converting treasury assets into Bitcoin while tapping capital markets opportunistically.

Market Stabilizes After Record Liquidations

The renewed wave of corporate accumulation comes just days after Bitcoin’s sharp weekend crash, when the asset briefly fell below $110,000. According to CoinGlass, more than 1.6 million traders were liquidated, with total losses surpassing $19.3 billion — and possibly nearing $30 billion based on some exchange reporting limitations. It has been described as “the largest liquidation event in crypto history.”

The sell-off triggered widespread market fear but was partially offset when President Donald Trump publicly addressed trade tensions with China, signaling efforts to de-escalate. By Monday, Bitcoin had rebounded to the $115,000 range, calming short-term volatility and restoring some investor confidence.

Institutional Conviction Remains Strong

While Bitcoin’s price action highlighted the asset’s volatility, the timing of Strategy’s $27.2 million and MARA’s $46.31 million purchases underscores a consistent trend: institutions continue to accumulate during market dips.

Both companies are leveraging creative capital strategies — whether through ATM programs or mining-powered balance sheet expansion — to strengthen their positions in the digital asset economy. Their continued buying power, even after the sharpest liquidation event on record, suggests that institutional players increasingly view Bitcoin as a long-term strategic asset rather than a speculative bet.

As market conditions evolve in the months ahead, further acquisitions by these and other publicly traded firms could continue to shape Bitcoin’s supply dynamics and reinforce its role as a macro-scale treasury reserve for corporate balance sheets worldwide.