Marathon now owns over 20,000 bitcoins and plans to retain all mined BTC and acquire more from the market.
Despite the current dip in bitcoin’s price, Marathon Digital Holdings (MARA) has shown unwavering confidence in Bitcoin’s future. The company, which now holds over 20,000 bitcoins, has acquired an additional $100 million worth of BTC. Marathon’s optimistic outlook is evident in its decision to adopt a full HODL strategy, intending to buy more bitcoins and hold all of its mined bitcoins.
Marathon Goes Bullish on Bitcoin
Via a post on X (formerly Twitter), Marathon announced that it has added over 1,400 BTC to its Bitcoin holdings. The company did not reveal at what rate and within what period it acquired the bitcoins. However, the firm revealed that it now has over 20,000 bitcoins, close to 0.1% of the total supply of 21 million on its balance, and will still acquire more.
In a press release, Marathon detailed its strategic approach to acquiring bitcoins. The company acknowledged the drop in the price of bitcoin as a factor facilitating its mission of acquiring more bitcoins.
The firm stated that despite being a Bitcoin miner, it will not limit its acquisition to only the company’s mined bitcoins. It will make moves to acquire more bitcoins from the open market.
Marathon to HODL More BTC
Concerning the company’s approach to holding more bitcoins, the release stated, “Effective immediately, MARA will adopt a full HODL approach towards its bitcoin treasury policy, retaining all bitcoin mined in its operations, and will periodically make strategic open market purchases.”
Marathon’s chairman and CEO, Fred Thiel, expressed confidence in the company’s decision to acquire more bitcoins and keep holding.
He said, “We believe bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it.” He added,” We encourage governments and corporations to all hold bitcoin as a reserve asset.”
Marathon has joined the list of companies with over 20,000 BTC, following MicroStrategy, the world’s first public company to own bitcoin. MicroStrategy owns about 226,331 bitcoins, almost 1.1% of the total supply.
