Marathon Digital (MARA), one of the largest mining companies in the crypto market, announced today that it purchased $100 million worth of Bitcoin.
Marathon also showed that he maintained his belief that the crypto asset would gain value by not selling the BTCs he issued in June.
Fred Thiel, CEO of Marathon Digital, shared the following about the BTC purchase on his official X account today:
“Today, Marathon is proud to announce that we purchased $100 million of BTC last month to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset and will now be moving to full HODL.”
The fact that the CEO of Marathon Digital also tagged Michael Saylor, the founder of MicroStrategy, the company with the highest Bitcoin reserves, in his post was interpreted as the company adopting MicroStrategy's Bitcoin policy. It is known that MicroStrategy, which regularly purchases Bitcoin, has 226,331 BTC in its portfolio as of June.
Miner sales significantly affect Bitcoin price
According to data shared by The Block, Marathon’s total Bitcoin assets are over 20,000 BTC. The latest purchases are estimated to be between $54,000 and $68,000, considering the company’s previous Bitcoin reserves.
While the mining sector is the largest Bitcoin holder in the cryptocurrency market, these companies occasionally sell Bitcoin to cover their costs, creating significant volatility in the market. Lastly, miners, whose Bitcoin incomes fell by half after the reward halving in April, contributed to the decline in Bitcoin by selling assets last month.
As July began, miner sales decreased, and Bitcoin came under new pressure, this time with governments attempting to sell crypto assets they held and Mt. Gox announcing that it had begun paying back.
Latest situation in Bitcoin
Bitcoin has been dominated by sellers this week after a rally seen in the previous two weeks. The cryptocurrency, which lost nearly 2% today, is now testing the $64,000 level and has fallen nearly 6% since the beginning of the week.
-Investing.com
