Bitcoin mining giant, Digital Marathon made headlines by investing a staggering $100 million in Bitcoin. This substantial investment occurs despite Previous BTC price dropshighlighting the mining giant’s confidence in the pioneering cryptocurrency’s long-term potential.
MARA buys $100 million in BTC
On 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.
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MARA’s latest BTC acquisition brought its balance sheet participations to around 20,000 BTC, valued at approximately $1.3 billion. Total Bitcoin mining holdings now account for nearly 0.1% of Maximum BTC supply of 21 million BTC.
Notably, MARA’s substantial BTC purchase comes at a time when the the crypto market is steadily recovering of previous bearish falls. Despite the constant fluctuations in the price of BTCMARA has taken advantage of the recent dips to invest heavily in Bitcoin in order to facilitate its long-term view of the potential of crypto assets.
At the time of writing, the BTC price is trading at $68,031, marking a 1.4% increase in the past 24 hours and another 2.24% increase in the past seven days, according to CoinMarketCap. Based on current exchange rates and MARA’s balance sheet, it can be estimated that its recent acquisition totaled around 1,500 BTC.
While MARA did not disclose the specific average price at which it acquired the $100 million worth of BTC, the Bitcoin mining giant announced that it will adopt a full model Hold on for dear life (HODL) approach to its Bitcoin treasury policy.
Furthermore, Michael Saylorco-founder and former CEO of MicroStrategy, celebrated MARA’s latest Bitcoin purchase and its 20,000 BTC milestone. The popular Bitcoin billionaire has asked Marathon Digital to increase his holdings to 26,200 BTC, cleverly referencing the standard marathon distance of 26.2 miles.
Bitcoin Mining Giant Reveals Full HODL Strategy
MARA also announced its decision to adopt a complete HODL strategy for its Bitcoin treasury, with the goal of holding all BTC mined during operations rather than selling it. In addition, the company revealed that it will periodically make strategic purchases on the open market to further increase its considerable holdings.
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Fred Thiel, Chairman and CEO of MARA, emphasized the company’s strong belief in BTC Long Term Valueencouraging governments and businesses 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 pioneering cryptocurrency.
Additionally, MARA’s Chief Financial Officer (CFO) Salman Khan revealed that the Bitcoin mining company previously held all of its Bitcoins. However, due to recent market conditions, increased institutional interest, and improving macro environment, MARA has decided to revert to a full HODL strategy.
Featured image created with Dall.E, chart from Tradingview.com