Marathon Digital acquired $100 million worth of bitcoins on its balance sheet
MARA (formerly known as Marathon Digital) has increased its strategic Bitcoin reserve to 20,000 BTC (~$1.3 billion). This happened after the public mining company spent an additional $100 million for these purposes.
Management announced its readiness to approve âfull hodlâ in relation to reserves in digital gold.
This approach involves preserving the mined bitcoins with further strategic acquisitions of coins. The latter will be carried out through cash and raising capital.
âThe first cryptocurrency is the world's best asset for treasuries. We support the idea of ââsovereign wealth funds acquiring the asset and encourage governments and corporations to hold digital gold as a reserve asset,â MARA Chairman and CEO Fred Thiel commented to The Block.
Among public companies, MARA ranks second after MicroStrategy in terms of the number of bitcoins on its balance sheet. The firm owns 0.095% of the available supply
MARA does not disclose the average cost of coins purchased. Â
