Marathon Digital Buys $100 Million Worth of Bitcoin

Marathon Digital (MARA) bought much bitcoin.

The bitcoin miner said Thursday that it precocious purchased $100 cardinal of nan cryptocurrency connected nan unfastened market, adding that it now owns complete 20,000 bitcoin — worthy astir $1.3 cardinal connected nan unfastened marketplace — and intends to get more.

It besides says it now plans to support each nan bitcoin it mines, which it called a "full HODL strategy."

Marathon CFO Salman Khan explained that a caller dip successful bitcoin prices, mixed pinch nan company's beardown financial position, provided an perfect opportunity to grow its holdings. The institution had lately been trading bitcoin to screen operating expenses.

As of June 30, Marathon held $268 cardinal successful cash. The institution is group to study its second-quarter net connected August 1.

Marathon banal was precocious up astir 1%, pinch bitcoin down astir 2% complete nan past 24 hours to a spot nether $65,000, according to CoinDesk.

"We judge bitcoin is nan world’s champion treasury reserve plus and support nan thought of sovereign wealthiness costs holding it," said Marathon CEO Fred Thiel. "We promote governments and corporations to each clasp bitcoin arsenic a reserve asset.”