Marathon Digital Holdings did not sell any of its Bitcoin in June, reflecting a growing trend among U.S.-based Bitcoin miners to hold rather than sell their mined Bitcoin.

Cointelegraph interviewed Salman Khan, Marathon’s CFO, to understand the factors influencing miners’ decisions on whether to accumulate or sell Bitcoin.

“It’s a very systematic process that we go through from an internal process standpoint,” Khan stated.

“There are market dynamics that you have to consider […] in the short term, the Bitcoin price could fluctuate, and your decision could be impacted as a result of that.”

Khan highlighted the unique nature of Bitcoin compared to other assets.

“If we were an oil company, we would sell all our oil because that would be our primary source of revenue and cash flows,” he explained.

“Bitcoin is a digital asset and can stay on your balance sheet without storage costs.”

Marathon currently holds 18,536 Bitcoin worth over $1 billion, up 48% from last year’s 12,538.

Khan noted, “Last year, the rate of return on this asset class was 150% over the last few years. We believe in the Bitcoin price going up further.

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“We don’t need to sell Bitcoin every month.”

Other U.S. miners are also accumulating Bitcoin. Riot Platforms hasn’t sold Bitcoin since January, and CleanSpark has sold only small amounts.

CleanSpark CEO Zach Bradford said, “We are not ideological about hodling Bitcoin but view it as strategically important.

“We expect Bitcoin’s price to be volatile, but over the long term, we expect it to increase in value.”

Bradford mentioned that market indicators last year led CleanSpark to begin accumulating Bitcoin, resulting in a treasury of over 6,500 Bitcoin.

Besides hodling, U.S. miners are increasing their mining capacities.

CleanSpark aims to surpass 50 EH/s by 2025, Marathon plans to reach 50 EH/s by year-end, and Riot expects to achieve 41 EH/s in 2024 and 100 EH/s by 2027.

Marathon also purchases Bitcoin, buying 183.5 Bitcoin in January. Khan pointed to institutional investors entering the space as a sign of Bitcoin’s potential price increase.

Marathon holds $1.5 billion in cash and Bitcoin. “This space is not as developed as traditional industries, but it’s warming up,” Khan said.

For now, Marathon’s capital will remain highly liquid, either as cash or Bitcoin, to support its capital-intensive operations.

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