Marathon Digital Holdings has made waves in the crypto world. The firm just bought $100 million worth of Bitcoin. This happened over the past month.
Marathon is the world's largest Bitcoin miner. They're now using BTC as a strategic reserve asset. It's a big move.
The company plans to go "full hodl". That's crypto slang for "hold on for dear life". Fred Thiel, Marathon's CEO, broke the news on X:
"Today Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have over the past month purchased $100 million in BTC, and will now go full HODL @saylor."
This is a big deal. Large holders like mining firms can really shake up Bitcoin's price. This is especially true with the 2024 Bitcoin halving coming up. Miners might need to sell more BTC then.
But Marathon's playing it cool. They didn't sell any Bitcoin in June, even when prices were dropping. That's pretty gutsy.
Back then, they said they might sell some Bitcoin. It would've been for operations, treasury management, and general corporate stuff. But now they've changed their tune.
Thiel's all in on the "full hodl" strategy. He reckons they won't be selling any more BTC. Here's what he said:
"Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin."
With this new $100M Bitcoin buy, Marathon's holdings are massive. They've now got over 20,000 BTC. That's worth more than $1.28 billion. Not too shabby.
So, what's next for Marathon? Only time will tell. But one thing's for sure – they're betting big on Bitcoin. It's a bold move in a volatile market. Let's see if it pays off.