HODL

2024

Cryptocurrency

Bitcoin

<p class="is-style-lead">Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”</p>
<p>Cryptocurrency mining giant Marathon Digital <a href="https://x.com/MarathonDH/status/1816445234391535714" target="_blank" rel="noopener noreferrer nofollow">said in an X post</a> on Thursday that it bought $100 million worth of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.</p>
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   <p lang="en" dir="ltr">Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> Strategic Reserve: <a href="https://t.co/pYxiclOtQa" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/pYxiclOtQa</a></p>— MARA (@MarathonDH) <a href="https://twitter.com/MarathonDH/status/1816445234391535714?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 25, 2024</a>
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<p>You might also like: <a href="https://crypto.news/marathon-digital-stock-price-gains-as-crypto-market-moves-higher/" rel="noopener noreferrer nofollow"> Marathon Digital stock price gains as crypto market moves higher </a></p>
<p>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.”</p>
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 <p>“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”</p> <cite>Fred Thiel, Marathon Digital CEO</cite>
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<p>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 <a href="https://www.nasdaq.com/market-activity/stocks/mara/pre-market" target="_blank" rel="noopener noreferrer nofollow">data</a> from Nasdaq.</p>
<p>The purchase aligns with Marathon’s goal to double its mining capacity in 2024, aiming to achieve a hash rate of 50 EH/s. As crypto.news <a href="https://crypto.news/marathon-to-double-bitcoin-mining-capacity-by-2024/" target="_blank" rel="noopener noreferrer nofollow">reported</a> earlier, Marathon’s operations recently achieved a hash rate of 24.7 EH/s, surpassing rivals Core Scientific and Riot Platforms. If Marathon meets its 50 EH/s target, it will have more than doubled its hash rate since the start of 2024.</p>
<p>Read more: <a href="https://crypto.news/marathon-digital-pays-hut-8-13-5m-to-run-two-bitcoin-mining-sites/" rel="noopener noreferrer nofollow"> Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites </a></p>

Crypto miner Marathon Digital adds $100m in Bitcoin to reserves

crypto.news

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