Lele Jima
Leading Bitcoin miner Marathon Digital (now known as MARA) purchases $100 million worth of BTC, bringing its total holdings to over 20,000 BTC.
The company did not provide specific details about the transaction, including the time of the transaction and the average price of each BTC acquired.
MARA Total Bitcoin Holdings
However, it disclosed today that the recently acquired $100 million worth of Bitcoin took its total holdings to more than 20,000 BTC. At the current exchange rate of $64,023, MARA’s total Bitcoin holding is worth over $1.28 billion.
It bears mentioning that as of June 30, 2024, MARA had a total holding of 18,536 BTC, according to data from Bitcoin Treasuries. With MARA’s total Bitcoin holdings currently above 20,000 BTC, it is evident that the company acquired at least 1,464 BTC via the latest acquisition. The company acquired the over 1,464 BTC within the ranges of $54,000 to $68,000 this month.
MARA Adopts Full Hold Strategy
Notably, MARA confirmed that it will adopt a comprehensive hold strategy for its Bitcoin reserve effective immediately. Prior to this time, MARA had sold some of its BTC holdings to cover its operational cost. In particular, it sold 1,000 BTC ($69.4 million) last month, marking the largest miner-related over-the-counter (OTC) sale.
However, under this new strategy, MARA will retain all BTC generated via its mining operations and also periodically purchase the asset from the open market.
Amid MARA’s holding strategy, the company disclosed that it will finance its operations using the excess cash reserve in its balance sheet in the future. MARA’s hold strategy reflects the Bitcoin miner’s confidence in Bitcoin’s long-term value.
Commenting on the development, MARA’s chairman and CEO Fred Thiel characterized Bitcoin as the world’s best treasury reserve asset and endorsed sovereign wealth funds holding the top cryptocurrency.
Mining Accounts for Majority of MARA Bitcoin Holding
This is not the first time that MARA has made a hefty purchase of Bitcoin. In January 2021, the Bitcoin miner splashed $150 million to acquire 4,813 BTC.
Despite occasionally purchasing Bitcoin from the open market, MARA asserted that it generated most of its BTC via its mining operations.
The development comes amid a massive downturn in the broader crypto market. Bitcoin, which accounts for 54.9% of the global crypto market cap, is down 3.64% over the past 24 hours to $64,023. The top asset has also plunged 2.1% in the weekly charts at press time.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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