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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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Bitcoin mining behemoth, Marathon Digital has made headlines by investing a staggering $100 million in BTC. This substantial investment comes despite BTC’s previous price drops, underscoring the mining giant’s confidence in the long term potential of the pioneer cryptocurrency. 

MARA Buys $100 Million Worth Of BTC

In a press release published on Thursday, July 25, MARA, (recently rebranded from Marathon Digital) announced that it has purchased an additional $100 million worth of BTC. This substantial Bitcoin investment marks a significant increase in MARA’s already impressive Bitcoin holdings. 

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MARA’s latest BTC acquisition has brought its balance sheet holdings to about 20,000 BTC, valued at approximately $1.3 billion. The Bitcoin mining company’s total holdings now represent nearly 0.1% of BTC’s maximum supply of 21 million BTC. 

Notably, MARA’s substantial BTC purchase comes at a time when the crypto market is steadily recovering from previous bearish declines. Despite the constant fluctuations in BTC’s price, MARA has taken advantage of recent declines to heavily invest in Bitcoin in order to facilitate its long term view of the crypto assets potential. 

At the time of writing, the price of BTC is trading at $68,031, marking a 1.4% increase in the last 24 hours and another 2.24% surge over the past seven days, according to CoinMarketCap. Based on current exchange rates and MARA’s balance sheet holdings, it could be estimated that its recent acquisition totaled about 1,500 BTC. 

While MARA has not disclosed the specific average price at which it acquired the $100 million worth of BTC, the Bitcoin mining giant announced that it will be adopting a full Hold On For Dear Life (HODL) approach towards its Bitcoin treasury policy. 

Furthermore, Michael Saylor, co-founder and former Chief Executive Officer (CEO) of MicroStrategy, has commemorated MARA’s latest Bitcoin purchase and its 20,000 BTC milestone. The popular Bitcoin billionaire has urged Marathon Digital to increase their holdings to 26,200 BTC, cleverly referencing the standard marathon distance of 26.2 miles.  

Bitcoin Mining Giant Unveils Full HODL Strategy

MARA also announced its decision to adopt a full HODL strategy for its Bitcoin treasury, aiming to retain all the BTC mined during operations instead of selling it. Additionally, the company revealed that it will be periodically making strategic open market purchases to further increase its considerable holdings. 

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Fred Thiel, MARA’s chairman and CEO, emphasized the company’s strong belief in BTC’s long-term value, encouraging governments and corporations to consider BTC as a reserve asset. He elaborated that MARA sees Bitcoin as the best treasury reserve asset globally and supports the idea of sovereign wealth funds holding the pioneer cryptocurrency. 

Additionally, Salman Khan, MARA’s Chief Financial Officer (CFO), revealed that the Bitcoin mining firm once held all of its Bitcoin. However due to recent market conditions, increased institutional interest and improving macro environment, MARA has decided to return a full HODL strategy. 

Bitcoin price chart from Tradingview.com
BTC price climbs $68,000 | Source: BTCUSD on price chart from Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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