According to U.Today, cryptocurrency mining giant Marathon Digital has announced the acquisition of $100 million worth of Bitcoin (BTC). Marathon Digital CEO Fred Thiel stated that the company intends to go 'full HODL,' meaning it plans to retain all of its mined coins while also making additional purchases on the open market. This strategy is intended to demonstrate the company's confidence in Bitcoin's long-term value. Thiel emphasized that both governments and corporations should consider holding Bitcoin as a reserve asset.

MicroStrategy CEO Michael Saylor commented on Marathon Digital's recent purchase, suggesting that every company should have a strategic Bitcoin reserve. Data from Bitcoin Treasuries indicates that Marathon Digital is the second-largest corporate holder of Bitcoin, following MicroStrategy. Other major holders include e-car manufacturer Tesla, as well as mining companies Hut 8 and Riot Platforms.

Marathon Digital's purchase announcement came amid a severe market downturn. Earlier today, Bitcoin's price dipped below the $64,000 level, trading at $63,902 according to CoinGecko data. Despite this, Bitcoin's market dominance has increased substantially due to altcoins experiencing even steeper losses. Ethereum, for instance, is down more than 8% despite the launch of much-anticipated spot ETFs.

A recent report by investment bank Jeffries noted that Bitcoin mining profitability increased last month, with the hashrate declining by 5%. This provided miners with a much-needed respite after their bottom line was impacted by the recent halving event. Many Bitcoin miners are now exploring opportunities in the artificial intelligence (AI) sector to cope with declining profits. Earlier this month, Marathon reported that it had mined 590 Bitcoins last month, representing a 40% year-over-year drop in production.