Marathon Digital Expands Bitcoin Holdings to $1.14 Billion Amid ‘Full HODL’ Strategy

Marathon Digital Expands Bitcoin Holdings to $1.14 Billion Amid ‘Full HODL’ Strategy

Marathon Digital Holdings, recognized as the world’s largest Bitcoin miner, continues to expand its Bitcoin reserves, staying true to its “full HODL” strategy.

In a recent move, Marathon Digital added 2,282 Bitcoin to its holdings, valued at over $124 million based on current market prices.

This acquisition brings Marathon’s total Bitcoin holdings to 20,818 BTC, now worth over $1.14 billion, according to a statement released on August 6.

Whales, or entities that hold substantial amounts of Bitcoin, can significantly influence the cryptocurrency’s price. When large holders adopt a long-term strategy, it’s often seen as a bullish indicator for the asset’s future potential.

Marathon doubles down on its commitment to Bitcoin as a strategic treasury reserve asset.

In July, Marathon made a bold move by acquiring $100 million worth of Bitcoin, reinforcing its commitment to using BTC as a strategic treasury reserve, as reported by Cointelegraph.

Fred Thiel, CEO and chairman of Marathon Digital, highlighted the company’s strategy in a July 25 post on X:

“Marathon is thrilled to announce that, to bolster our strategy of holding Bitcoin as a key treasury reserve asset, we have purchased $100 million in BTC over the past month and are now fully committed to the HODL approach.”

This decision by Marathon to strengthen its Bitcoin strategy is noteworthy, particularly as the company remains steadfast despite the looming 50% reduction in block rewards due to the 2024 Bitcoin halving—a challenge that may compel other miners to liquidate their BTC holdings.

Marathon boosts Bitcoin production by 17% in July.

In addition to purchasing Bitcoin, Marathon also ramped up its Bitcoin production, generating 692 BTC in July—a 17% increase compared to the previous month.

According to the announcement, Marathon’s total Bitcoin and cash reserves now amount to $1.6 billion.

Thiel also noted a 27% increase in the company’s block wins over the past month, stating:

“Last month, we saw a 17% rise in BTC production to 692 BTC compared to June, with our average operational hash rate climbing 5% to 27.5 EH/s over the same period. We will continue to mine aggressively while the global hash rate declines due to the lower BTC price, employing every available tool to optimize our mining operations and maximize production.”