This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC
July 27 2024 - 1:00PM
NEWSBTC
Bitcoin mining behemoth, Marathon Digital has made headlines by
investing a staggering $100 million in BTC. This substantial
investment comes despite BTC’s previous price drops, underscoring
the mining giant’s confidence in the long term potential of the
pioneer cryptocurrency. MARA Buys $100 Million Worth Of BTC
In a press release published on Thursday, July 25, MARA, (recently
rebranded from Marathon Digital) announced that it has purchased an
additional $100 million worth of BTC. This substantial Bitcoin
investment marks a significant increase in MARA’s already
impressive Bitcoin holdings. Related Reading: Can Dogecoin
Replicate Its 2021 18,000% Run? Here’s What The Chart Says MARA’s
latest BTC acquisition has brought its balance sheet holdings to
about 20,000 BTC, valued at approximately $1.3 billion. The Bitcoin
mining company’s total holdings now represent nearly 0.1% of BTC’s
maximum supply of 21 million BTC. Notably, MARA’s substantial
BTC purchase comes at a time when the crypto market is steadily
recovering from previous bearish declines. Despite the constant
fluctuations in BTC’s price, MARA has taken advantage of recent
declines to heavily invest in Bitcoin in order to facilitate its
long term view of the crypto assets potential. At the time of
writing, the price of BTC is trading at $68,031, marking a 1.4%
increase in the last 24 hours and another 2.24% surge over the past
seven days, according to CoinMarketCap. Based on current exchange
rates and MARA’s balance sheet holdings, it could be estimated that
its recent acquisition totaled about 1,500 BTC. While MARA
has not disclosed the specific average price at which it acquired
the $100 million worth of BTC, the Bitcoin mining giant announced
that it will be adopting a full Hold On For Dear Life (HODL)
approach towards its Bitcoin treasury policy. Furthermore,
Michael Saylor, co-founder and former Chief Executive Officer (CEO)
of MicroStrategy, has commemorated MARA’s latest Bitcoin purchase
and its 20,000 BTC milestone. The popular Bitcoin billionaire has
urged Marathon Digital to increase their holdings to 26,200 BTC,
cleverly referencing the standard marathon distance of 26.2
miles. Bitcoin Mining Giant Unveils Full HODL Strategy
MARA also announced its decision to adopt a full HODL strategy for
its Bitcoin treasury, aiming to retain all the BTC mined during
operations instead of selling it. Additionally, the company
revealed that it will be periodically making strategic open market
purchases to further increase its considerable holdings.
Related Reading: Analyst Says XRP Remains Strongest Compared To
Bitcoin And Ethereum, Here’s Why Fred Thiel, MARA’s chairman and
CEO, emphasized the company’s strong belief in BTC’s long-term
value, encouraging governments and corporations to consider BTC as
a reserve asset. He elaborated that MARA sees Bitcoin as the best
treasury reserve asset globally and supports the idea of sovereign
wealth funds holding the pioneer cryptocurrency.
Additionally, Salman Khan, MARA’s Chief Financial Officer (CFO),
revealed that the Bitcoin mining firm once held all of its Bitcoin.
However due to recent market conditions, increased institutional
interest and improving macro environment, MARA has decided to
return a full HODL strategy. Featured image created with
Dall.E, chart from Tradingview.com
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