U.S. based Bitcoin Miner, Marathon Digital has announced that it has purchased $100,000,000 worth of $BTC and currently holds over 20,000 $BTC in its portfolio.
According to a press release published on Thursday, July 25, 2024, the firm noted that it will implement a HODL approach towards its Bitcoin treasury policy, holding all the Bitcoin assets mined in its operations. The firm added that it will also occasionally make strategic open market purchases, with time.
Fred Thiel, Chief Executive Officer and Chairman, said that the firm’s decision to adopt a full HODL approach on BTC reflects its confidence in the long-term value of the asset. He also added that they believe that Bitcoin is the world’s best reserve asset and they support the concept of treasury wealth holding the asset. Also, Thiel suggested that firms should also consider investing in Bitcoin as a reserve asset.
The company’s Chief Financial Officer, Salman Khan, noted that before last year, the firm used to hold all its Bitcoin assets. He noted that thanks to Bitcoin’s existing tailwinds, such as more institutional supports and better macro environment, the firm is once again seeking to implement this strategy.
Khan added that the firm is looking at increasing the amount of assets in their portfolio. He noted that Bitcoin’s recent price decline and the strength of Marathon’s balance sheet enabled them to make this latest purchase.
The year 2024 has proven to be an impressive year for Marathon Digital, as it has recorded notable achievements in the past months. In May, the firm joined S&P SmallCap 600, as its shares leaped by 18%. As per the report, MARA would replace Aaon, a heating and ventilation manufacturer in the index.
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