Marathon Digital Bets Big on Bitcoin with $100 Million Purchase
Marathon Digital (MARA), one of the largest Bitcoin mining companies, announced the purchase of $100 million worth of Bitcoin (BTC) in the open market on Thursday.
The company said it would revisit its “HODL” strategy and commit to keeping all mined Bitcoin on its balance sheet.
This latest acquisition has increased Marathon’s Bitcoin holdings to over 20,000 BTC, which are currently valued at approximately $1.3 billion.
The company has expressed intentions to further increase its Bitcoin reserves through additional open market purchases.
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” Marathon chairman and CEO Fred Thiel said. “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.”
Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our #Bitcoin Strategic Reserve: pic.twitter.com/pYxiclOtQa
— MARA (@MarathonDH) July 25, 2024
HODL (hold on for dear life) means hanging onto your digital assets, which is an investment strategy of buying crypto without the intention to sell it.
Marathon’s decision to return to a complete HODL strategy marks a notable shift from its approach during the recent crypto winter.
In early 2023, the company began selling its mined digital assets to cover operating expenses, a practice adopted by many miners as the market faced a downturn.
The massive purchase comes amid a resurgence in Bitcoin’s value, largely attributed to the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. by major
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