Join our Telegram Channel to keep up to date with breaking news coverage.
bitcoin mining firm Marathon Digital (MARA) has purchased $100 million worth of btc after the company announced it will revert to its HODL strategy and keep all of its mined coins on its balance sheet.
“Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin,” MARA Chairman and CEO Fred Thiel said. MARA’s statement comes nearly a year after the firm began selling its btc to pay for its operating expenses in the recent crypto winter.
With this latest purchase, the mining firm now holds over 20,000 btc worth over $1.3 billion at current prices, according to a July 25 report. bitcoin“>statement by MARÁ.
<img decoding="async" alt="bitcoin Stock Photos, Royalty Free bitcoin Images | Stock Photos” src=”https://st3.depositphotos.com/15237386/33975/i/450/depositphotos_339750616-stock-photo-gold-bitcoin–crypto-currency-on.jpg”/><img decoding="async" src="https://st3.depositphotos.com/15237386/33975/i/450/depositphotos_339750616-stock-photo-gold-bitcoin–crypto-currency-on.jpg” alt=”bitcoin Stock Photos, Royalty Free bitcoin Images | Stock Photos”/>
Marathon Digital resumes its HODL strategy after “greater institutional support”
MARA's decision to maintain its mines bitcoin The increase in investment on its balance sheet is due to “increased institutional support and an improving macroeconomic environment,” said Salman Khan, the mining company’s chief financial officer. MARA will also prioritize increasing the amount of btc it holds.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.507575757576″>
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 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Strategic reserve: image.twitter.com/pYxiclOtQa
— MARA (@MarathonDH) twitter.com/MarathonDH/status/1816445234391535714?ref_src=twsrc%5Etfw”>July 25, 2024
Marathon Digital also has $268 million in cash on hand bitcoin-production-and-mining-operation-updates-for-june-2024″>balance sheet as of June 30. The company's second-quarter earnings will be released on August 1.
bitcoin recovers from miner liquidations
After the cryptocurrency market imploded last year, mining companies had no choice but to sell some of their reserves to continue operating.
Marathon Digital, one of the largest bitcoin miners in the world, was one of the last to liquidate a portion of its bitcoin holdings in early 2023 to fund daily operations.
Selling pressure from these miners caused the price of btc to fall to between $16,000 and $17,000 in early 2023, according to bitcoin/”>CoinMarketCap Data. Things took a positive turn in January of this year when the UThe Securities and Exchange Commission (SEC) approved several bitcoin ETF (exchange-traded fund applications).
Over the past 24 hours, btc is up more than 4% to trade at $66,915.25 as of 4:00 am EST.
Related Posts:
PlayDoge (PLAY): The Latest ICO on the BNB Chain
- 2D Virtual Doge Pet
- Play to Win Meme Coin Fusion
- Participation rewards and in-game tokens
- SolidProof audited – playdoge.io
Join our Telegram Channel to keep up to date with breaking news coverage.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
