CryptoBitcoinMARA Acquires $100 Million in Bitcoin, Embraces HODL Strategy

MARA Acquires $100 Million in Bitcoin, Embraces HODL Strategy

Bitcoin miner MARA, formerly known as Marathon Digital (NASDAQ), announced on Thursday its purchase of an additional $100 million in Bitcoin. The company’s stock experienced a decline of more than 2% in premarket trading following the announcement.

This recent acquisition raises MARA’s total Bitcoin holdings to over 20,000 BTC, accounting for nearly 0.1% of Bitcoin’s capped supply of 21 million. The company did not specify the exact timing or average price of the new acquisitions. However, with previous holdings of 18,536 BTC reported by Bitcoin Treasuries at the end of June, it is estimated that MARA’s latest purchase involved approximately 1,500 BTC, acquired within the $54,000 to $68,000 price range this month.

MARA has also announced a shift to a full HODL strategy for its Bitcoin treasury, which entails retaining all mined Bitcoin and making periodic strategic purchases in the open market. This new policy is effective immediately.

Fred Thiel, MARA’s chairman and CEO, commented on the decision: “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the world’s best treasury reserve asset and advocate for its adoption by sovereign wealth funds, governments, and corporations as a reserve asset.”

MARA’s strategy aligns closely with that of MicroStrategy (MSTR), the largest publicly listed Bitcoin holder. MicroStrategy, founded by Bitcoin advocate Michael Saylor, continues to accumulate Bitcoin as its primary treasury reserve asset, holding 226,331 BTC as of June 24, 2024.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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