MARA Purchases $100 Million of Bitcoin, Adopts HODL Strategy
MARA (NASDAQ: MARA), a leader in leveraging digital asset compute for energy transformation, has purchased $100 million worth of Bitcoin, bringing its total holdings to over 20,000 BTC, according to a press release sent to Bitcoin Magazine.
The company also announced a new treasury policy to adopt a full HODL approach, retaining all Bitcoin mined and making periodic strategic purchases.
"Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin," stated Fred Thiel, MARAs chairman and CEO. "We believe bitcoin is the worlds 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.
MARA said it aims to leverage its technological expertise to support Bitcoin and the broader digital asset ecosystem.
Prior to last year, the company used to hold all of its bitcoin, said Salman Khan, MARAs chief financial officer in the press release. Given Bitcoins current tailwinds, including increased institutional support and an improving macro environment, we are once again implementing this strategy and focusing on growing the amount we hold on our balance sheet. Bitcoins recent price decline, coupled with the strength of our balance sheet, afforded us an opportunity to add to our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.
Just last month, MARA announced that it was using the heat generated from its Bitcoin mining to heat a town of 11,000 in Finland.
JUST IN: Marathon is now warming a town of over 11,000 in Finland using heat from #Bitcoin mining
Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
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Read more: https://bitcoinmagazine.com/business/mara-purchases-100-million-of-bitcoin-adopts-hodl-strategy
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