Bitcoin Miner Marathon Digital Buys $100M in BTC

Bitcoin mining firm Marathon Digital (MARA) announced its most recent purchase of $100 million worth of BTC today. In a post to X (formerly Twitter), the miner confirmed that “effective immediately,” they are embracing a full HODL strategy in regard to the leading cryptocurrency.

MARA now holds more than 20,000 total BTC on their balance sheet. Moreover, that accumulation accounts for almost 0.1% of the total 21 million token supply of Bitcoin. The firm did not provide details into specific transactions of its latest accumulation. However, it did signal that even more purchases could be in its future.

Also Read: Biden’s 30% Bitcoin Mining Tax Plan Won’t Work: Marathon CEO Fred Thiel

Marathon Digital Adds $100 Million in BTC to Its Holdings

Bitcoin has undoubtedly been the talk of the finance sector so far in 2024. The token received the first crypto-based ETF in US history. Its tremendous success cannot be overstated. Just three months after launching, BTC reached an all-time high value of $73,000.

That has forced many companies to reconsider their position on the leading crypto. Now, Bitcoin miner Marathon Digital has purchased $100 million worth of BTC in the latest acquisition. Additionally, they have noted the firm’s adoption of a full Bitcoin HODL strategy.

“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” MARA chairman and CEO Fred Theil said in a press release. “We believe Bitcoin is the world’s best Treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold Bitcoin as a reserve asset.”

Source: Marathon Digital Holdings

Also Read: Tesla’s Bitcoin Strategy: Genius or Gamble?

Marathon’s chief financial officer, Salman Khan, noted that the company had previously held all of its Bitcoin prior to 2023. “We are once again implementing this strategy and focusing on growing the amount we hold on our balance sheet.”

The company also noted that the asset’s current favorable price allowed the company to increase its overall Bitcoin investment. With its current trajectory, that should be an overall benefit to the miner in the long run.

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