Marathon Digital (MARA) has announced a significant move, acquiring $100 million worth of Bitcoin and now holding over 20,000 BTC on its balance sheet.
Effective immediately, the company will adopt a HODL strategy, retaining all Bitcoin mined and making occasional strategic purchases.
Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our #Bitcoin Strategic Reserve: pic.twitter.com/pYxiclOtQa
— MARA (@MarathonDH) July 25, 2024
Fred Thiel, Chairman and CEO of MARA, emphasized the firm’s long-term confidence in Bitcoin, stating:
“Our decision to fully HODL underscores our belief in Bitcoin as a premier reserve asset.
We advocate for both governments and corporations to consider Bitcoin as a key part of their asset reserves.”
MARA’s CFO, Salman Khan, noted the shift back to this strategy after previously liquidating holdings. He attributed the move to Bitcoin’s favorable market conditions and institutional support, alongside the recent price dip which provided a buying opportunity.
Khan highlighted MARA’s commitment to leveraging its technological expertise to support Bitcoin and the broader digital asset space.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.