Bitcoin Mining Giant Marathon Boosted BTC Holdings By $124M In July As Part Of Its “Full HODL” Strategy

Marathon Digital, the world’s largest Bitcoin mining firm, announced on Tuesday that it had purchased $124 million worth of BTC in the open market for its balance sheet.

That brings the mining giant’s total Bitcoin stash up to 20,818 BTC, worth $1.17 billion based on current prices. Going forward, Marathon has made it clear that it doesn’t intend to sell a single satoshi.

Marathon Goes Full Hodl On BTC As A Strategic Reserve Asset

Last month, Nasdaq-listed Marathon said it had acquired $100 million in Bitcoin. The miner has continued acquiring BTC as a strategic treasury reserve asset.

“We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it,” Marathon’s chairman and CEO  Fred Thiel said at the time. “We encourage governments and corporations to all hold Bitcoin as a reserve asset.”

Besides just purchasing BTC, Marathon also bolstered its Bitcoin production to 692 BTC in July, representing a 17% month-over-month boost. The company also held a cumulative $1.6 billion in cash and Bitcoin on its balance sheet, as per the August 6 announcement.

The decision to HODL or hold onto the premier crypto comes nearly a year after Marathon began selling its mined stash to settle the firm’s operating expenses. Before the crypto bear market, most miners preferred to HODL their mined BTC in their balance sheet, which paid off handsomely during the bull run. But as the crypto market crashed last year, most Bitcoin miners started liquidating their BTC the moment it was mined, and Marathon was one of the last ones to start selling its crypto assets in early 2023.

Marathon’s decision to readopt its plan to hold all mined Bitcoin on its balance sheet reflects its confidence in the long-term value of the top crypto. 

Other Companies Betting Big On Bitcoin

That being said, the miner’s action mirrors that of multiple other publicly traded companies adopting Bitcoin as a primary treasury reserve asset this year, including Semler Scientific and Tokyo-based MetaPlanet. Notably, the stock prices of these companies soared immediately after they revealed their respective new Bitcoin strategies.

Meanwhile, MicroStrategy, the world’s largest institutional holder of Bitcoin currently holds a total of 226,500 BTC (valued at around $12.7 billion) in its treasury, after acquiring an additional 169 BTC in July for $11.4 million.