Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”
Cryptocurrency mining giant Marathon Digital said in an X post on Thursday that it bought $100 million worth of Bitcoin (BTC) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.
Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”
Cryptocurrency mining giant Marathon Digital said in an X post on Thursday that it bought $100 million worth of Bitcoin (BTC) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.
The American crypto mining company also said that as part of its new approach, Marathon Digital will retain all Bitcoin mined in its operations and will “periodically make strategic open market purchases.” Marathon Digital chief executive Fred Thiel, addressing the purchase, said that the strategy “reflects our confidence in the long-term value” of Bitcoin, encouraging governments and corporations to “all hold Bitcoin as a reserve asset.”
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”
Fred Thiel, Marathon Digital CEO
Marathon Digital’s chief financial officer, Salman Khan, said the company boosted its crypto balance sheet as Bitcoin’s recent price decline afforded the miner “an opportunity to add to our holdings.” Despite the news, Marathon Digital shares (MARA) traded at -2.4% in pre-market, as per data from Nasdaq.
