MARA Purchases $100 Million of Bitcoin, Adopts HODL Strategy
MARA (NASDAQ: MARA), a leader in leveraging digital asset compute for energy transformation, has purchased $100 million worth of Bitcoin, bringing its total holdings to over 20,000 BTC, according to a press release sent to Bitcoin Magazine.
The company also announced a new treasury policy to adopt a full HODL approach, retaining all Bitcoin mined and making periodic strategic purchases.
“Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin,” stated Fred Thiel, MARA’s chairman and CEO. “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.”
MARA said it aims to leverage its technological expertise to support Bitcoin and the broader digital asset ecosystem.
“Prior to last year, the company used to hold all of its bitcoin,” said Salman Khan, MARA’s chief financial officer in the press release. “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. Bitcoin’s recent price decline, coupled with the strength of our balance sheet, afforded us an opportunity to add to our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.”
Just last month, MARA announced that it was using the heat generated from its Bitcoin mining to heat a town of 11,000 in Finland.
JUST IN: Marathon is now warming a town of over 11,000 in Finland using heat from #Bitcoin mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights
Recent Posts
Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value
The market has been gaining momentum in recent weeks, with industry leaders suggesting that the…
Are Pure Play Bitcoin Miners Going to Reprice Like AI/HPC Miners?
Pure-play bitcoin (BTC) mining stocks are waking up from their slumber after lagging behind those…
Warsaw Stock Exchange Debuts Bitcoin BETA ETF, Expanding Crypto Market Access
Bitcoin Magazine Warsaw Stock Exchange Debuts Bitcoin BETA ETF, Expanding Crypto Market Access The Warsaw…
Bitcoin Bulls Eye Next Big Move As Price Nears $118,000, New ATH In Sight?
Bitcoin is targeting the $118,000 level, reigniting bullish momentum and fueling speculation of a potential…
Let’s Not Create $200 Trillion in Credit on Top of Bitcoin
Bitcoin Magazine Let’s Not Create $200 Trillion in Credit on Top of Bitcoin The purpose…
Strategy Up 7%, Nears 200 Day Simple Moving Average as Bitcoin Rallies
Strategy (MSTR) is approaching its 200 day simple moving average (200SMA), a widely followed technical…