Bitcoin Mining Company Marathon Digital Purchases $100 Million Worth of BTC
Marathon Digital, a leading Bitcoin mining company, recently acquired $100 million worth of BTC as part of its “HODL strategy.” This strategic move has increased the company’s Bitcoin holdings to over 20,000 BTC, showcasing their confidence in the long-term value of the cryptocurrency.
Marathon Digital’s HODL Strategy and Future Plans
Marathon Digital has announced a full HODL strategy, indicating their commitment to retaining all Bitcoin mined in their operations and making strategic open market purchases periodically. The company aims to double its mining capacity in 2024, targeting a hash rate of 50 EH/s, which would solidify its position in the crypto mining industry.
Market Response to Marathon Digital’s BTC Purchase
Despite Marathon Digital’s significant BTC purchase and growth plans, the company’s shares experienced a slight decline in pre-market trading. However, the purchase aligns with their overall expansion strategy and reflects their optimism in the future of Bitcoin as a reserve asset for governments and corporations.
