Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.” The purchase, announced on Thursday, boosts Marathon’s Bitcoin holdings to over 20,000 BTC.
Marathon Digital plans to retain all Bitcoin mined in its operations and will make strategic open market purchases. CEO Fred Thiel emphasized that this strategy reflects the company’s confidence in the long-term value of Bitcoin.
Despite the news, Marathon Digital shares (MARA) dipped by 2.4% in pre-market trading. The purchase aligns with Marathon’s goal to double its mining capacity in 2024 to a hash rate of 50 EH/s. Recently, Marathon achieved a hash rate of 24.7 EH/s, surpassing rivals Core Scientific and Riot Platforms.
This move underscores Marathon Digital’s strategic focus on strengthening its position in the crypto market and highlights the long-term importance of Bitcoin as a reserve asset.
