Marathon Digital, a Bitcoin mining giant, has caught the attention of the crypto world with its recent investment of $100 million in Bitcoin. This move showcases the company’s unwavering confidence in the long-term potential of Bitcoin, despite the fluctuations in its price.
The press release from Marathon Digital, formerly known as MARA, revealed that the company has acquired an additional $100 million worth of BTC, bringing its total holdings to about 20,000 BTC valued at approximately $1.3 billion. This significant investment represents nearly 0.1% of Bitcoin’s maximum supply of 21 million BTC.
It is worth noting that Marathon Digital made this substantial purchase during a period of recovery in the crypto market. Despite the recent price drops, the company saw an opportunity to invest heavily in Bitcoin, aligning with its belief in the future growth of the pioneer cryptocurrency.
At the time of the announcement, Bitcoin was trading at $68,031, showing a 1.4% increase in the last 24 hours and a 2.24% surge over the past seven days. Based on these figures and Marathon Digital’s balance sheet holdings, it is estimated that the company acquired around 1,500 BTC with its recent investment.
Marathon Digital’s decision to adopt a full Hold On For Dear Life (HODL) strategy for its Bitcoin treasury policy indicates its commitment to retaining all mined BTC instead of selling it. The company also plans to make strategic open market purchases periodically to further boost its holdings.
The Chairman and CEO of Marathon Digital, Fred Thiel, emphasized the company’s strong belief in the long-term value of Bitcoin. He encouraged governments and corporations to consider Bitcoin as a reserve asset, highlighting its potential as the best treasury reserve asset globally. Additionally, the company’s CFO, Salman Khan, revealed that Marathon Digital had returned to a full HODL strategy due to market conditions and increased institutional interest in Bitcoin.
The co-founder of MicroStrategy, Michael Saylor, commended Marathon Digital’s latest Bitcoin purchase and milestone of holding 20,000 BTC. Saylor encouraged the company to increase its holdings to 26,200 BTC, drawing a clever reference to the standard marathon distance of 26.2 miles.
Overall, Marathon Digital’s significant investment in Bitcoin underscores its confidence in the future of the cryptocurrency market. By adopting a full HODL strategy and continuing to increase its holdings, the company is positioning itself for long-term success in the evolving landscape of digital assets.