Bitcoin mining company Marathon Digital has purchased 0 million worth of BTC as part of its “HODL strategy.”
Cryptocurrency mining giant Marathon Digital said in an X post on Thursday that it bought 0 million worth of Bitcoin (BTC) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”
Marathon Digital’s chief financial officer, Salman Khan, said the company boosted its crypto balance sheet as Bitcoin’s recent price decline afforded the miner “an opportunity to add to our holdings.” Despite the news, Marathon Digital shares (MARA) traded at -2.4% in pre-market, as per data from Nasdaq.
Fred Thiel, Marathon Digital CEO
Today, we are announcing that MARA has purchased 0,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our #Bitcoin Strategic Reserve: pic.twitter.com/pYxiclOtQa
The purchase aligns with Marathon’s goal to double its mining capacity in 2024, aiming to achieve a hash rate of 50 EH/s. As crypto.news reported earlier, Marathon’s operations recently achieved a hash rate of 24.7 EH/s, surpassing rivals Core Scientific and Riot Platforms. If Marathon meets its 50 EH/s target, it will have more than doubled its hash rate since the start of 2024.
