The post Marathon Digital Purchases $100 Million in Bitcoin, Shifts Strategy to Full HODL appeared on BitcoinEthereumNews.com.

Marathon Digital Holdings Inc. (MARA), one of the largest Bitcoin (BTC) miners, has announced the acquisition of $100 million worth of Bitcoin from the open market. The company will HODL, it said. The company revealed on Thursday that it now holds over 20,000 BTC, valued at nearly $1.3 billion based on current prices, and intends to continue purchasing more Bitcoin, and to HODL it. In a statement, Marathon’s CFO, Salman Khan, explained the decision, noting, “Bitcoin’s recent price decline, coupled with the strength of our balance sheet, afforded us an opportunity to add to our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.” This strategic shift to a “HODL” approach—holding onto all mined Bitcoin—marks a significant change for Marathon. The company had previously adopted a strategy of selling mined Bitcoin to cover operating expenses, especially during the crypto winter when the market declined sharply. This move to liquidate assets was common among miners during the prolonged bear market. However, Marathon is now joining other miners who are returning to the strategy of retaining their Bitcoin holdings, a tactic that proved beneficial during previous bull markets. Marathon’s Chairman and CEO, Fred Thiel, emphasized the company’s commitment to Bitcoin, stating on X, “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin. 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.” The decision comes amid a recovering Bitcoin market, driven by increased institutional support and the recent approval of Bitcoin spot exchange-traded funds (ETFs) in the U.S., including those from major financial institutions like BlackRock. Bitcoin, which recently hit an all-time high above…

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Filed under: News - @ July 25, 2024 10:26 pm