Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its โHODL strategy.โ
Cryptocurrency mining giant Marathon Digital said in an X post on Thursday that it bought $100 million worth of Bitcoin (BTC) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.
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 โperiodically make strategic open market purchases.โ Marathon Digital chief executive Fred Thiel, addressing the purchase, said that the strategy โreflects our confidence in the long-term valueโ of Bitcoin, encouraging governments and corporations to โall hold Bitcoin as a reserve asset.โ
โAdopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.โ
Fred Thiel, Marathon Digital CEO
Marathon Digitalโs chief financial officer, Salman Khan, said the company boosted its crypto balance sheet as Bitcoinโs recent price decline afforded the miner โan opportunity to add to our holdings.โ Despite the news, Marathon Digital shares (MARA) traded at -2.4% in pre-market, as per data from Nasdaq.
The purchase aligns with Marathonโs goal to double its mining capacity in 2024, aiming to achieve a hash rate of 50 EH/s. As crypto.news reported earlier, Marathonโs 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.
