MARA Purchases $100 Million of Bitcoin
July 25 2024 - 8:05AM
MARA (NASDAQ:
MARA) ("MARA” or the "Company"),
a global leader in leveraging digital asset compute to support the
energy transformation, today announced that it has purchased $100
million of bitcoin and currently holds over 20,000 BTC on its
balance sheet. Furthermore, effective immediately, MARA will adopt
a full HODL approach towards its bitcoin treasury policy, retaining
all bitcoin mined in its operations, and will periodically make
strategic open market purchases.
"Adopting a full HODL strategy reflects our
confidence in the long-term value of bitcoin," said Fred Thiel,
MARA’s chairman and CEO. "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.”
“Prior to last year, the company used to hold
all of its bitcoin,” said Salman Khan, MARA’s chief financial
officer. “Given Bitcoin’s current tailwinds, including increased
institutional support and an improving macro environment, we are
once again implementing this strategy and focusing on growing the
amount we hold on our balance sheet. Bitcoin’s recent price
decline, coupled with the strength of our balance sheet, afforded
us an opportunity to add to our holdings. We look forward to
continuing to leverage our technological expertise to support
Bitcoin and distributed digital asset ecosystems.”
Investor Notice
Investing in our securities involves a high
degree of risk. Before making an investment decision, you should
carefully consider the risks, uncertainties and forward-looking
statements described under the heading "Risk Factors" in our most
recent annual report on Form 10-K, and any other periodic reports
that we may file with the U.S. Securities and Exchange Commission
(the “SEC”). If any of these risks were to occur, our business,
financial condition or results of operations would likely suffer.
In that event, the value of our securities could decline, and you
could lose part or all of your investment. The risks and
uncertainties we describe are not the only ones facing us.
Additional risks not presently known to us or that we currently
deem immaterial may also impair our business operations. In
addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Forward-Looking
Statements" below.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws. All
statements, other than statements of historical fact, included in
this press release are forward-looking statements. The words “may,”
“will,” “could,” “anticipate,” “expect,” “intend,” “believe,”
“continue,” “target” and similar expressions or variations or
negatives of these words are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Such forward-looking statements include,
among other things, statements related to our bitcoin treasury
policy and the long-term value of bitcoin. Such forward-looking
statements are based on management’s current expectations about
future events as of the date hereof and involve many risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied in our forward-looking
statements. Subsequent events and developments, including actual
results or changes in our assumptions, may cause our views to
change. We do not undertake to update our forward-looking
statements except to the extent required by applicable law. Readers
are cautioned not to place undue reliance on such forward-looking
statements. All forward-looking statements included herein are
expressly qualified in their entirety by these cautionary
statements. Our actual results and outcomes could differ materially
from those included in these forward-looking statements as a result
of various factors, including, but not limited to, the factors set
forth under the heading “Risk Factors” in our most recent annual
report on Form 10-K, and any other periodic reports that we may
file with the SEC.
About MARA
MARA (NASDAQ:MARA) is a global leader in digital
asset compute that develops and deploys innovative technologies to
build a more sustainable and inclusive future. MARA secures the
world’s preeminent blockchain ledger and supports the energy
transformation by converting clean, stranded, or otherwise
underutilized energy into economic value.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdings Facebook:
www.facebook.com/MarathonDigitalHoldings Instagram:
@marathondigitalholdings
MARA Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
MARA Media Contact:Email:
mara@wachsman.com
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