Crypto miner Marathon Digital has spent more than $600 million to purchase Bitcoin in the last two months, according to a filing with the United States Securities and Exchange Commission.

In a Dec. 2 filing, MARA Holdings said it acquired 6,484 Bitcoin ( BTC ) between Oct. 1 and Nov. 30. The coins were purchased for $618.3 million in cash at an average price of $95,352 per BTC. 

In addition, MARA Holdings said in a press release that it intends to offer $700 million in convertible senior notes due 2031 in a private offering. The proceeds will be used to purchase more Bitcoin and repurchase existing convertible notes due in 2026. 

MARA Holdings acquired over $600M Bitcoin in the last two months image 0

MARA is the second-largest corporate Bitcoin holder. Source: BitcoinTreasuries

MARA Holdings remains the largest publicly traded crypto mining company by market capitalization. According to the BitcoinTreasuries site, MARA Holdings is the second-largest corporate Bitcoin holder, next to MicroStrategy. 

MARA urges the US government to speed up Bitcoin accumulation

On Nov. 26, MARA Holdings urged the US to be more aggressive in securing positions in Bitcoin and Bitcoin mining. The company claimed that there was an urgent need for the country to secure its economic and national security interests. 

“The dollar is no longer directly backed by gold, yet holding substantial gold reserves remains a matter of national security,” MARA said. “These reserves provide the US with the ability to transact should foreign nations lose confidence in the dollar, the firm added.

Related: MARA Holdings falls 9% after-hours after Q3 revenue miss

While US President-elect Donald Trump publicly promised to add Bitcoin to the US government Treasury reserve, some skeptics like Galaxy Digital CEO Mike Novogratz predicted a “low probability” that Trump will establish a Bitcoin strategic reserve during his term.

MARA sold 63% of mined BTC in May

While actively pushing for Bitcoin accumulation and mining in the US, MARA sold some Bitcoin earlier this year.

Formerly operating as Marathon Digital Holdings, MARA sold 390 Bitcoin or 63% of its monthly production of 616 BTC.

The sale came shortly after Bitcoin successfully went through its fourth halving event in April 2024, which reduced the mining block reward from 6.25 BTC to 3.125 BTC .

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Additional reporting by Helen Partz.