Bitcoin Mining Giant Marathon Digital Makes Major $100M BTC Acquisition
25 Julho 2024 - 9:30PM
NEWSBTC
Marathon Digital (MARA), one of the largest Bitcoin (BTC) mining
companies, has recently announced a substantial acquisition of $100
million worth of Bitcoin. This significant purchase, detailed
in a recent company statement, has increased Marathon’s Bitcoin
holdings to over $1 billion at current prices, showing the
company’s confidence in the future price appreciation of the
largest cryptocurrency on the market. Is Bitcoin The ‘World’s Best
Treasury Reserve Asset’? According to the company’s announcement on
Thursday, by adopting a “HODL” strategy, Marathon has committed to
retaining all Bitcoin mined through its operations, coupled with
periodic strategic purchases on the open market. Related
Reading: Dogecoin Set For 1,700% Rally, Echoing Past Cycle Trends:
Crypto Analyst Fred Thiel, the Chairman and CEO of Marathon
Digital, expressed notable confidence in Bitcoin’s prospects in the
wake of this latest acquisition as a long-term store of value.
Thiel noted: We believe Bitcoin is the world’s 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. The announcement also included
statements from Salman Khan, Marathon’s Chief Financial Officer,
who highlighted the company’s renewed focus on growing its Bitcoin
holdings and highlighted the favorable market conditions driven by
increased institutional support and a positive macroeconomic
environment: …We are once again implementing this strategy and
focusing on growing the amount we hold on our balance sheet.
Bitcoin’s 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. Marathon Digital’s Stock Soars In the wake of
this announcement, Marathon Digital has experienced a notable surge
in its stock performance, with a 42.6% increase over the past six
months, outpacing industry averages. According to recent
reports, this upward trend in stock value can be attributed to
Marathon’s mining efficiency and strategic expansion into mining
another cryptocurrency called Kaspa (KAS), a diversification
initiative aimed at bolstering the company’s revenue streams.
Marathon believes its strategic diversification into Kaspa mining
will further increase its revenues and profitability by leveraging
the high margins associated with this digital asset. Related
Reading: Could Bitcoin Soar To $100,000 With Trump Back In The
White House? Furthermore, despite BTC mining challenges stemming
from the Bitcoin Halving, Marathon outperformed its peers by mining
590 BTC at a “commendable daily rate.” At the time of writing, the
largest cryptocurrency on the market has fallen back to the $64,700
mark, down over 2% in the 24-hour time frame, after failing to
break above the $68,000 zone following BTC’s recovery from a
six-month low of $53,500 on July 5. Featured image from
DALL-E, chart from TradingView.com
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