Digital asset expertise firm Marathon Digital (MARA) is stocking up its Bitcoin (BTC) holdings.
In an announcement, the Florida-headquartered agency says it simply purchased $100 million price of the flagship cryptocurrency and at the moment holds over 20,000 BTC on its steadiness sheet, which is at the moment price over $1.3 billion.
The cryptocurrency miner says that other than shopping for extra Bitcoin on the open market, it additionally plans to maintain all the BTC that it mines because it adopts a full hold-on-for-dear-life (HODL) strategy in direction of its Bitcoin treasury coverage.
MARA’s chairman and CEO Fred Thiel says the complete HODL technique displays the corporate’s confidence within the long-term worth of Bitcoin.
“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.”
The corporate used to carry all of its Bitcoin however this modified final 12 months. MARA’s chief monetary officer Salman Khan explains why the corporate is re-adopting the technique.
“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.”
He says the latest decline in Bitcoin’s price permits the corporate to purchase extra BTC. The benchmark crypto asset is at the moment buying and selling for $66,378.
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