Marathon Digital Buys $100 Million Worth Of Bitcoin, Resumes ”Full HODL Strategy”

Bitcoin
miner
Marathon
Digital
(MARA)
has
bought
$100
million
worth
of
BTC
after
the
firm
announced
it
will
readopt
its
HODL
strategy
and
keep
all
of
its
mined
coins
on
its
balance
sheet.

“Adopting
a
full
HODL
strategy
reflects
our
confidence
in
the
long-term
value
of
Bitcoin,”
said
MARA’s
chairman
and
CEO
Fred
Thiel.
MARA’s
statement
comes
almost
a
year
after
the
company
started
selling
its
BTC
to
pay
for
its
operating
expenses
in
the
recent
crypto
winter.

With
this
recent
purchase,
the
mining
firm
now
holds
over
20,000
BTC
worth
more
than
$1.3
billion
at
current
prices,
according
to
a
July
25


statement

by
MARA.  

Marathon
Digital
Resumes
HODL
Strategy
Following
“Increased
Institutional
Support” 

MARA’s
decision
to 
keep
its
mined


Bitcoin

on
its
balance
sheet
is
due
to
“increased
institutional
support
and
an
improving
macro
environment,”
said
Salman
Khan,
the
mining
firm’s
chief
financial
officer.
MARA
will
also
prioritize
growing
the
amount
of
BTC
it
holds.

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

Marathon
Digital
also
has
$268
million
in
cash
on
its


balance
sheet

as
of
June
30.
The
company’s
second
quarter
earnings
will
be
released
Aug.
1.

Bitcoin
Recovers
From
Miners’
Liquidations

After
the
crypto
market
imploded
last
year,
mining
companies
were
left
with
no
choice
but
to
sell
some
of
their
reserves
to
continue
operating.

Marathon
Digital,
who
is
among
the
largest
Bitcoin
miners
in
the
world,
was
one
of
the
last
to
liquidate
a
portion
of
its
Bitcoin
holdings
in
early
2023
to
fund
day-to-day
operations.

The
selling
pressure
from
these
miners
resulted
in
BTC’s
price
falling
to
between
$16K
and
$17K
at
the
start
of
2023,
according
to


CoinMarketCap

data.
Things
took
a
positive
turn
in
January
this
year
when
the
US
Securities
and
Exchange
Commission
(SEC)
approved
several


Bitcoin
ETF

(exchange-traded
fund)
applications.

Over
the
past
24
hours,
BTC
pumped
more
than
4%
to
trade
at
$66,915.25
as
of
4:00
a.m.
EST.

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