Blogs & Articles: Marathon Invests $100 Million in Bitcoin and Commits to a Long-Term Holding Strategy 🔗 6 weeks ago

Marathon Digital Holdings (MARA), a company that harnesses digital asset computing for energy transformation, has purchased $100 million worth of Bitcoin, boosting its total holdings to more than 20,000 Bitcoin.

The company also revealed a new treasury strategy by retaining all mined Bitcoin and making strategic acquisitions periodically.

Fred Thiel, Marathon's chairman and CEO stated "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."

Marathon emphasized its commitment to leveraging its technological expertise to bolster Bitcoin and the wider digital asset ecosystem.

Salman Khan, Marathon's chief financial officer, stated that Marathon Digital Holdings had previously retained all its Bitcoin. Due to positive trends such as increased institutional support and a favorable macroeconomic environment, the company is resuming this strategy to expand its balance sheet holdings. 

The recent decline in Bitcoin's price, coupled with a strong balance sheet, presented an opportunity to increase its holdings.

Last month, Marathon announced its initiative to use the heat generated from Bitcoin mining to warm a town of 11,000 residents in Finland.

In Finland, we launched a 2-megawatt pilot project to warm a community of 11,000 residents with recycled heat from digital asset computing. Take a look: pic.twitter.com/eIIlncxD3I

— MARA (@MarathonDH) June 20, 2024