Digital asset technology company Marathon Digital (MARA) is stocking up its Bitcoin (BTC) holdings.
In a statement, the Florida-headquartered firm says it just bought $100 million worth of the flagship cryptocurrency and currently holds over 20,000 BTC on its balance sheet, which is currently worth over $1.3 billion.
The cryptocurrency miner says that aside from buying more Bitcoin on the open market, it also plans to keep all of the BTC that it mines as it adopts a full hold-on-for-dear-life (HODL) approach towards its Bitcoin treasury policy.
MARA’s chairman and CEO Fred Thiel says the full HODL strategy reflects the company’s confidence in the long-term value of Bitcoin.
“We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold Bitcoin as a reserve asset.”
The company used to hold all of its Bitcoin but this changed last year. MARA’s chief financial officer Salman Khan explains why the company is re-adopting the strategy.
“Given Bitcoin’s current tailwinds, including increased institutional support and an improving macro environment, we are once again implementing this strategy and focusing on growing the amount we hold on our balance sheet.”
He says the recent decline in Bitcoin’s price enables the company to buy more BTC. The benchmark crypto asset is currently trading for $66,378.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney