Tech
Marathon Digital Reverses Trend, Acquires $100M in Bitcoin While Others Sell
Bitcoin miner Digital Marathon acquired $100 million of the leading digital asset, increasing its total assets to over 20,000 BTC, according to a July 25 release declaration.
Bitcoin Treasury Securities data ranks Marathon as the second largest company holding Bitcoin, while Microstrategy remains the largest public shareholder with over 220,000 BTC, or 1.07% of the total supply.
Meanwhile, the miner said it has reverted to its “hold” strategy and intends to hold onto all the BTC it mines and acquires through purchases.
Marathon Chairman and CEO Fried Thiel said the strategy reflects the company’s confidence in the long-term value of Bitcoin. He said:
“We believe bitcoin is the best treasury reserve asset in the world and support the idea of sovereign wealth funds holding it. We encourage governments and companies to all hold bitcoin as a reserve asset.”
In a post on social media platform X, Thiel compared Marathon’s new HODL policy to Michael SaylorMicroStrategy by.
In particular, Saylor praised the move, said:
“Every company should have a strategic reserve of Bitcoin.”
Meanwhile, Marathon CFO Salman Khan said the new policy brings the company back to its previous approach.
Khan attributed the policy shift to favorable market trends and growing institutional support for the asset. The improving macroeconomic environment also allows the firm to double down on its current approach.
Khan added:
“The recent decline in Bitcoin prices, combined with the strength of our balance sheet, has provided us with the opportunity to increase our investments. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.”
Other miners for sale
Marathon’s Bitcoin buying actions contrast sharply with the recent selling trend of other miners.
On July 22, Mathew Sigel, head of digital research at VanEck, citing data from Glassnode, pointed out that BTC miners had dumped 170% of their mined supply in 30 days. he wrote:
“BTC miners are now selling heavily on the recent rally, dumping 170% of the 30-day mined supply. Such greedy dumping has occurred at both bear market lows and bull market highs, leaving little signal.”