This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC
Bitcoin mining behemoth, Marathon Digital has made headlines by investing a staggering $100 million in BTC. This substantial investment comes despite BTC’s previous price drops, underscoring the mining giant’s confidence in the long term potential of the pioneer cryptocurrency.
MARA Buys $100 Million Worth Of BTC
In a press release published on Thursday, July 25, MARA, (recently rebranded from Marathon Digital) announced that it has purchased an additional $100 million worth of BTC. This substantial Bitcoin investment marks a significant increase in MARA’s already impressive Bitcoin holdings.
MARA’s latest BTC acquisition has brought its balance sheet holdings to about 20,000 BTC, valued at approximately $1.3 billion. The Bitcoin mining company’s total holdings now represent nearly 0.1% of BTC’s maximum supply of 21 million BTC.
Notably, MARA’s substantial BTC purchase comes at a time when the crypto market is steadily recovering from previous bearish declines. Despite the constant fluctuations in BTC’s price, MARA has taken advantage of recent declines to heavily invest in Bitcoin in order to facilitate its long term view of the crypto assets potential.
At the time of writing, the price of BTC is trading at $68,031, marking a 1.4% increase in the last 24 hours and another 2.24% surge over the past seven days, according to CoinMarketCap. Based on current exchange rates and MARA’s balance sheet holdings, it could be estimated that its recent acquisition totaled about 1,500 BTC.
While MARA has not disclosed the specific average price at which it acquired the $100 million worth of BTC, the Bitcoin mining giant announced that it will be adopting a full Hold On For Dear Life (HODL) approach towards its Bitcoin treasury policy.
Furthermore, Michael Saylor, co-founder and former Chief Executive Officer (CEO) of MicroStrategy, has commemorated MARA’s latest Bitcoin purchase and its 20,000 BTC milestone. The popular Bitcoin billionaire has urged Marathon Digital to increase their holdings to 26,200 BTC, cleverly referencing the standard marathon distance of 26.2 miles.
Bitcoin Mining Giant Unveils Full HODL Strategy
MARA also announced its decision to adopt a full HODL strategy for its Bitcoin treasury, aiming to retain all the BTC mined during operations instead of selling it. Additionally, the company revealed that it will be periodically making strategic open market purchases to further increase its considerable holdings.
Fred Thiel, MARA’s chairman and CEO, emphasized the company’s strong belief in BTC’s long-term value, encouraging governments and corporations to consider BTC as a reserve asset. He elaborated that MARA sees Bitcoin as the best treasury reserve asset globally and supports the idea of sovereign wealth funds holding the pioneer cryptocurrency.
Additionally, Salman Khan, MARA’s Chief Financial Officer (CFO), revealed that the Bitcoin mining firm once held all of its Bitcoin. However due to recent market conditions, increased institutional interest and improving macro environment, MARA has decided to return a full HODL strategy.