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The Nasdaq-listed bitcoin mining company MARA has purchased $100 million worth of bitcoin and announced that it will adopt a new strategy for holding the digital assets. This step brings the company’s total holdings of Bitcoin to 20,000BTC.
“HODL” Approach
In its statement today, the firm mentioned that it will
adopt a full HOLD approach, which means to buy and hold, effective immediately regarding its bitcoin treasury policy. The new move allows the firm to retain all the mined bitcoins in its operations and make periodic strategic
open-market purchases.
Commenting about the latest move, Fred Thiel, MARA’s Chairman
and CEO, said: “Adopting a full HODL strategy reflects our confidence in the
long-term value 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.”
“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.”
Until last year, MARA held all of its bitcoin. However, according to Salman Khan, MARA’s Chief Financial Officer, the company is
reinstating this strategy due to the current positive trends in Bitcoin,
including increased institutional support and an improving macro environment. This latest move occurred a few after Marathon Digital, another top Wall Street miner, was fined $138 million for violating a contract lawsuit.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
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