HODL

Bitcoin

In this ongoing struggling cryptocurrency market, Marathon Digital Holdings (MARA) the largest Bitcoin miner in the industry, has purchased a notable $100 million worth of Bitcoin (BTC). This move marks a return to its previous strategy of holding all mined Bitcoin on its balance sheet, a shift from its recent practice of selling mined Bitcoin to cover operational costs. Marathon Digital recent Bitcoin purchase 
As of the latest update,Marathon Digital holds over 20,000 BTC, which is valued at approximately $1.3 billion based on current market prices. The company has also expressed its intention to acquire more Bitcoin from the open market, reflecting a renewed confidence in the long-term value of the digital asset. 
The decision to revert to a HODLing strategy comes after nearly a year of selling Bitcoin to manage expenses. This strategy change aligns with a broader trend among Bitcoin miners. During the bullish phases of the crypto market, miners typically held onto their Bitcoin, benefiting from price increases. However, the prolonged bear market that began last year led many miners, including Marathon, to liquidate their holdings to remain financially viable.
Marathon’s Chief Financial Officer, Salman Khan, highlighted that the current market conditions, including Bitcoin’s recent price decline and the company’s robust balance sheet, created a prime opportunity to expand its Bitcoin holdings. Khan highlighted that the move is part of a broader strategy to leverage Marathon’s technological expertise and contribute to the growth of Bitcoin and the digital asset ecosystem. Marathon Digital CEO’s words after BTC purchase&nbsp; 
Whereas, Fred Thiel, Chairman and CEO of Marathon Digital, highlighted the company’s renewed commitment to Bitcoin. “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” Thiel stated. He further endorsed Bitcoin as a superior reserve asset and urged governments and corporations to consider it as part of their financial reserves.
The decision to HODL comes as Bitcoin experiences a partial recovery from its earlier market decline. The cryptocurrency has seen a resurgence this year, bolstered by institutional support and the introduction of spot <a href="https://news.todayq.com/heres-why-bitcoin-btc-price-is-falling/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) in the U.S., such as those approved for BlackRock.
Despite reaching an all-time high above $70,000, Bitcoin is currently trading around $64,000, which represents a 51% increase for the year. As of June 30, 2024, Marathon Digital reported holding $268 million in cash. The company is scheduled to release its second-quarter earnings report on August 1, 2024.
Following the announcement, Marathon’s shares have seen a slight decline of about 2.5% in pre-market trading, mirroring a similar drop in Bitcoin’s price over the past 24 hours. Marathon’s strategic shift highlights its confidence in Bitcoin’s future potential, signaling a bullish stance on the cryptocurrency’s long-term value despite recent market fluctuations.

Marathon Digital buys $100M in Bitcoin, returns to HODLing

Todayq News

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