Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”

Cryptocurrency mining giant Marathon Digital announced on Thursday that it bought $100 million worth of Bitcoin and is now holding over 20,000 BTC on its balance sheet as part of this strategy.

The American crypto mining company stated that as part of its new approach, it will retain all Bitcoin mined in its operations and will “periodically make strategic open market purchases.”

Marathon Digital’s Confidence in Bitcoin

Marathon Digital’s chief executive Fred Thiel addressed the recent purchase, noting that the strategy “reflects our confidence in the long-term value” of Bitcoin. Thiel encouraged governments and corporations to “all hold Bitcoin as a reserve asset.”

“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”

Fred Thiel, Marathon Digital CEO

Financial Strategy and Market Impact

Marathon Digital’s chief financial officer, Salman Khan, mentioned that the company boosted its crypto balance sheet as Bitcoin’s recent price decline provided “an opportunity to add to our holdings.” Despite this news, Marathon Digital shares (MARA) traded at -2.4% in pre-market, reflecting the market’s cautious approach.

Future Goals and Mining Capacity

The purchase aligns with Marathon’s goal to double its mining capacity in 2024, aiming to achieve a hash rate of 50 EH/s. Recently, Marathon reported that its operations achieved a hash rate of 24.7 EH/s, surpassing competitors Core Scientific and Riot Platforms. Meeting its 50 EH/s target would mean more than doubling its hash rate since the start of 2024.

For more updates on the evolving cryptocurrency landscape, stay tuned to Global Crypto News.

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