Marathon Digital, a leading Bitcoin mining company, has recently made headlines for investing a significant $100 million in BTC. This substantial investment showcases the mining giant’s confidence in the long-term potential of Bitcoin, despite previous price fluctuations in the market. In a press release published on Thursday, July 25, Marathon Digital (formerly known as MARA) announced its latest Bitcoin acquisition, bringing its total holdings to approximately 20,000 BTC valued at around $1.3 billion.
The timing of Marathon Digital’s substantial BTC purchase coincides with the market’s gradual recovery from previous bearish trends. Despite the constant fluctuations in Bitcoin’s price, Marathon Digital has capitalized on recent declines to increase its Bitcoin holdings, emphasizing its long-term perspective on the cryptocurrency’s potential. At the time of writing, Bitcoin is trading at $68,031, showing a 1.4% increase in the last 24 hours and a 2.24% surge over the past seven days, according to CoinMarketCap.
Marathon Digital has announced its commitment to a full Hold On For Dear Life (HODL) approach towards its Bitcoin treasury policy. The company has not disclosed the specific average price at which it acquired the $100 million worth of BTC but has expressed its intention to retain all mined Bitcoin instead of selling it. Additionally, Marathon Digital plans to make strategic open market purchases periodically to further increase its substantial Bitcoin holdings.
Michael Saylor, co-founder and former CEO of MicroStrategy, has applauded Marathon Digital for its latest Bitcoin purchase and its milestone of 20,000 BTC. Saylor has encouraged Marathon Digital to increase its holdings to 26,200 BTC, referencing the standard marathon distance of 26.2 miles. The support from influential figures like Saylor highlights the growing confidence in Bitcoin as a valuable asset for long-term investment.
Fred Thiel, Chairman and CEO of Marathon Digital, has emphasized the company’s strong belief in Bitcoin’s long-term value. Thiel encourages governments and corporations to consider Bitcoin as a viable reserve asset, positioning it as the best treasury reserve asset globally. He also advocates for sovereign wealth funds to hold Bitcoin as part of their investment portfolios, showcasing Marathon Digital’s stance on the cryptocurrency’s potential growth and stability.
Salman Khan, CFO of Marathon Digital, has revealed the company’s transition to a full HODL strategy for its Bitcoin treasury. Khan shared that the Bitcoin mining firm previously held all of its Bitcoin, indicating a strategic shift towards accumulating and preserving Bitcoin for long-term investment purposes. Marathon Digital’s commitment to building a substantial Bitcoin treasury demonstrates its confidence in the cryptocurrency’s future prospects.
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