HODL

Bitcoin

Bold

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Marathon Digital has purchased an additional $100 million in Bitcoin as part of a new HODL strategy.</li> 
 <li>Despite high mining costs, the company plans to retain all mined BTC and continue purchasing more from open markets.</li> 
</ul>  
<p>Bitcoin miner Marathon Digital has recently acquired $100 million worth of Bitcoin as part of a new strategy. The firm’s CEO, Fred Thiel, announced that this purchase was made over the last month to enhance their treasury strategy. </p> 
<h2 id="marathon-digital-s-new-approach">Marathon Digital’s New Approach</h2> 
<p>The company has adopted a full HODL approach, meaning it will retain all mined Bitcoin and strategically accumulate more from open markets. This decision underscores the long-term value of the digital asset. </p> 
<p>A Bernstein report highlighted Marathon Digital’s accumulation spree and HODL approach. The report showed a decline in the percentage of Bitcoin sold by the company from 56% in 2023 to 31% in 2024. </p> 
<h2 id="encouraging-others-to-hodl">Encouraging Others to HODL</h2> 
<p>Thiel is urging others to adopt their approach and include Bitcoin as a strategic treasury reserve. He believes Bitcoin is the world’s best treasury reserve asset and supports the idea of sovereign wealth funds holding it. </p> 
<p>However, the average mining costs remain significantly higher than the current value of the cryptocurrency. As of now, the average mining cost is $70K, while Bitcoin’s current value is $65K. This disparity poses profitability issues, particularly for small-scale private firms. </p> 
<p>According to Bitcoin analyst Willy Woo, the end of the miner capitulation could lead to a rally in Bitcoin miner stocks, including Marathon Digital. </p>

Marathon Digital Takes Bold Step, Invests $100M to Fully Hold onto Bitcoin

Table of Contents

CoinEagle.com

Other articles published on Jul 25, 2024

Bitcoin, Ethereum, and beyond: All about Hashdex’s new crypto ETF

Mt. Gox Users Report Surge in Unauthorized Login Attempts

Cryptocurrency Market Faces Decline as Altcoins Drop

Ethereum vs Bitcoin ETFs: Which Will Emerge as the Victor?

Spot Ethereum ETFs Issuers Go Head-To-Head On Fees, Who Will Win?

Bitcoin as U.S. strategic reserve? Here’s how it will impact BTC market

Join our free newsletter for daily crypto updates!