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News

Marathon Digital Bitcoin Purchase Worth $100M Boosts Holdings To 20,000 BTC

July 25, 2024 - Around 2 mins mins to read

Key Points:

  • Marathon Digital has purchased $100 million worth of Bitcoin, bringing its holdings to over 20,000 BTC.
  • The company has adopted a new treasury policy to hold all mined Bitcoin and make strategic purchases.
Marathon Digital Bitcoin Purchase worth $100M has recently been made, and the firm is now holding over 20,000 BTC.
Marathon Digital Bitcoin Purchase Worth $100M Boosts Holdings To 20,000 BTC
Marathon Digital Bitcoin Purchase Worth $100M Boosts Holdings To 20,000 BTC

Marathon Digital, an industry leader in leveraging digital-asset computing for energy transformation, has announced a $100 million purchase of Bitcoin. With that purchase, the company now holds over 20,000 BTC worth of bitcoin.

Marathon Digital Bitcoin Purchase Reaches $100 Million

According to Bitcoin Magazine, the company has also unveiled a new treasury policy for an entire HODL approach. Marathon Digital will hold all Bitcoin mined and make periodic strategic purchases as part of the strategy. The chairman and chief executive officer, Fred Thiel, remained optimistic about Bitcoin’s long-term value.

“We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold Bitcoin as a reserve asset”, Thiel said.

Readmore: Grayscale Ethereum Trust Expected NYSE Arca Listing On July 23

Marathon Digital’s Technological Expertise and Future Plans

Salman Khan, the chief financial officer of MARA, noted that before last year, Marathon Digital held all its Bitcoin. With the tailwinds for Bitcoin in place now, increased institutional support, and an improving macro environment, the company is putting this strategy into action again.

Khan pointed out that a recent decline in Bitcoin’s price, coupled with Marathon Digital’s robust balance sheet, presented an opportunity to increase its holdings.

Besides its Bitcoin buying strategy, Marathon Digital believes in leveraging its technological expertise further to support Bitcoin and the broader digital asset ecosystem. As recently as last month, Marathon Digital revealed it was using heat from its Bitcoin mining to heat a town of 11,000 residents in Finland.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.