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Bitcoin miner Marathon Digital (MARA) has bought $100 million worth of BTC after the firm announced it will readopt its HODL strategy and keep all of its mined coins on its balance sheet.
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” said MARA’s chairman and CEO Fred Thiel. MARA’s statement comes almost a year after the company started selling its BTC to pay for its operating expenses in the recent crypto winter.
With this recent purchase, the mining firm now holds over 20,000 BTC worth more than $1.3 billion at current prices, according to a July 25 statement by MARA.
Marathon Digital Resumes HODL Strategy Following “Increased Institutional Support”
MARA’s decision to keep its mined Bitcoin on its balance sheet is due to “increased institutional support and an improving macro environment,” said Salman Khan, the mining firm’s chief financial officer. MARA will also prioritize growing the amount of BTC it holds.
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
Marathon Digital also has $268 million in cash on its balance sheet as of June 30. The company’s second quarter earnings will be released Aug. 1.
Bitcoin Recovers From Miners’ Liquidations
After the crypto market imploded last year, mining companies were left with no choice but to sell some of their reserves to continue operating.
Marathon Digital, who is among the largest Bitcoin miners in the world, was one of the last to liquidate a portion of its Bitcoin holdings in early 2023 to fund day-to-day operations.
The selling pressure from these miners resulted in BTC’s price falling to between $16K and $17K at the start of 2023, according to CoinMarketCap data. Things took a positive turn in January this year when the US Securities and Exchange Commission (SEC) approved several Bitcoin ETF (exchange-traded fund) applications.
Over the past 24 hours, BTC pumped more than 4% to trade at $66,915.25 as of 4:00 a.m. EST.
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