Bitcoin mining giant, Marathon Digital, has recently made a bold move by investing a whopping $100 million in BTC. This significant investment comes at a time when Bitcoin has faced price drops, showcasing MARA’s unwavering confidence in the long-term potential of the pioneering cryptocurrency.
In a recent press release, Marathon Digital, previously known as MARA, announced its latest venture into the crypto space with the purchase of $100 million worth of Bitcoin. This substantial investment has now brought MARA’s balance sheet holdings to approximately 20,000 BTC, valued at around $1.3 billion.
Marathon Digital’s decision to heavily invest in Bitcoin comes amidst a gradual recovery in the overall crypto market. Despite the volatile nature of BTC’s price, MARA has taken advantage of recent dips to expand its holdings, aligning with its optimistic long-term outlook on the digital asset.
While the specific average price at which MARA acquired the $100 million worth of BTC remains undisclosed, the company has declared its commitment to a full Hold On For Dear Life (HODL) approach towards its Bitcoin treasury policy. This signifies MARA’s intention to retain all BTC mined during operations rather than engaging in active selling.
Michael Saylor, co-founder and former CEO of MicroStrategy, has praised Marathon Digital for its significant Bitcoin purchase and achievement of holding 20,000 BTC. Saylor has even encouraged MARA to increase its holdings to 26,200 BTC, symbolically referencing the standard marathon distance of 26.2 miles.
Fred Thiel, Chairman and CEO of Marathon Digital, has emphasized the company’s strong belief in Bitcoin’s enduring value. Thiel advocates for governments and corporations to consider Bitcoin as a reserve asset, highlighting MARA’s perspective on Bitcoin as the premier global treasury reserve asset. Additionally, Salman Khan, MARA’s CFO, disclosed the firm’s previous practice of holding all of its Bitcoin.
Marathon Digital has outlined its intention to maintain a full HODL strategy for its Bitcoin treasury and indicated plans for strategic open market purchases to further expand its significant holdings. This proactive approach demonstrates MARA’s commitment to leveraging Bitcoin as a core asset in its long-term financial strategy.
Marathon Digital’s bold $100 million investment in Bitcoin showcases the company’s confidence in the pioneering cryptocurrency’s potential for long-term growth and sustainability. With a strategic focus on expanding its Bitcoin holdings and embracing a HODL approach, MARA sets a precedent for other institutions to consider Bitcoin as a valuable asset for treasury reserves. As industry leaders like Michael Saylor commend and support Marathon Digital’s strategic vision, the company continues to pave the way for greater adoption and recognition of Bitcoin’s role in the evolving financial landscape.