Marathon Goes Full Hodl On BTC As A Strategic Reserve Asset

Marathon Digital, the world's largest Bitcoin mining firm, announced on Tuesday that it had purchased $124 million worth of BTC in the open market

Bitcoin mining firm Marathon Digital (NASDAQ:MARA) announced on Tuesday the purchase of BTC worth $124 million in the open market for its balance sheet.

The latest addition brings the mining giant’s total Bitcoin stash to 20,818 BTC, valued at $1.17 billion at current prices.

Marathon Doesn’t Intend to Sell ‘A Single Satoshi’ Going Forward

Nasdaq-listed Marathon had announced last month that it acquired $100 million in Bitcoin. The miner has been continuously acquiring BTC as a strategic treasury reserve asset.

“We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it,” Marathon’s chairman and CEO Fred Thiel said at the time. “We encourage governments and corporations to all hold Bitcoin as a reserve asset.”

In addition to purchasing BTC, Marathon also increased its Bitcoin production to 692 BTC in July, a 17% month-over-month increase.

The August 6th announcement also noted that the company had $1.6 billion in cash and Bitcoin on its balance sheet.

The decision to HODL the premier crypto comes almost a year after Marathon started selling its mined stash to cover the firm’s operating expenses.

Before the crypto bear market, most miners preferred to HODL their mined BTC on their balance sheet, which paid off during the bull run.

However, as the crypto market crashed last year, most Bitcoin miners began to liquidate their BTC as soon as it was mined, and Marathon was among the last to begin selling its crypto assets in early 2023.

Other Companies Betting Big on Bitcoin

The miner’s action is in line with several other publicly traded companies that have adopted Bitcoin as a primary treasury reserve asset this year, including Semler Scientific and Tokyo-based MetaPlanet.

Interestingly, the stock prices of these companies went up immediately after they announced their respective Bitcoin strategies.

Meanwhile, MicroStrategy, the world’s largest institutional holder of Bitcoin, currently has a total of 226,500 BTC (valued at about $12.7 billion) in its treasury, after adding 169 BTC in July at a cost of $11.4 million.

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