Marathon Digital Buys $100 Million Worth of Bitcoin

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Bitcoin mining company Marathon announced that it has purchased $100 million worth of Bitcoin.

The company’s Bitcoin holdings have risen above 20,000 and are worth around $1.3 billion.

Marathon said it has returned to its strategy of keeping all the Bitcoin it mines on its balance sheet.

Marathon Digital (MARA) bought more Bitcoin.

The Bitcoin miner said on Thursday that he recently purchased $100 million worth of the cryptocurrency on the open market and now has more than 20,000 Bitcoins, worth about $1.3 billion on the open market, adding that he plans to acquire more.

He also says he plans to hold on to all the Bitcoin he mines, calling it a “full HODL strategy.”

Marathon CFO Salman Khan explained that the recent decline in bitcoin prices, combined with the company’s strong financial position, provided an ideal opportunity to expand its holdings. The company has recently been selling bitcoin to cover operating expenses.

Marathon had $268 million in cash on hand as of June 30. The company is set to report second-quarter earnings on Aug. 1.

Marathon stock is up about 1% recently, while Bitcoin is down about 2% in the past 24 hours to just below $65,000, according to CoinDesk.

“We believe bitcoin is the world’s best treasury reserve asset and support the idea of ​​sovereign wealth funds holding it,” Marathon CEO Fred Thiel said. “We encourage governments and companies to hold bitcoin as a reserve asset.”

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