Bitcoin Miner Marathon Buys $100 Million in BTC and Will Re-adopt 'Full HODL' Strategy
The miner has more than 20,000 bitcoins and plans to buy more on the open market.
Marathon Digital (MARA), one of the largest bitcoin (BTC) miners, bought $100 million worth of BTC on the open market and said it will readopt its strategy of keeping all mined bitcoin on its balance sheet.
The miner said in a statement Thursday that it now has more than 20,000 bitcoins, worth nearly $1.3 billion at current prices, on its balance sheet and plans to buy more on the open market.
"The recent decline in Bitcoin price, coupled with the strength of our balance sheet, provided us with the opportunity to increase our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems," said CFO Marathon, Salman Khan.
âAdopting a full HODL strategy reflects our confidence in the long-term value of bitcoin,â said Fred Thiel, president and CEO of Marathon. "We believe that bitcoin is the best treasury reserve asset in the world and we support the idea of ââsovereign wealth funds holding it. We encourage governments and corporations to all hold bitcoin as a reserve asset."
âGiven Bitcoin's current tailwinds, including increased institutional support and an improving macroeconomic environment, we are once again implementing this strategy and focusing on increasing the amount we have on our balance sheet,â Marathon's CFO said.
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