Marathon Digital bucks trend, acquires $100 million in Bitcoin as others sell

Bitcoin miner Marathon Digital acquired $100 cardinal worthy of the flagship integer asset, boosting its full holdings to implicit 20,000 BTC, according to a July 25 statement.

Bitcoin Treasuries data ranks Marathon arsenic the second-largest Bitcoin-holding firm, portion MicroStrategy remains the apical nationalist holder with implicit 220,000 BTC oregon 1.07% of the full supply.

Meanwhile, the miner said it had readopted its “hold” strategy and intends to clasp each the BTC it mines and acquires via purchases.

Marathon Chairman and CEO Fried Thiel said the strategy reflects the company’s assurance successful Bitcoin’s semipermanent value. He said:

“We judge bitcoin is the world’s champion treasury reserve plus and enactment the thought of sovereign wealthiness funds holding it. We promote governments and corporations to each clasp bitcoin arsenic a reserve asset.”

In a station connected societal media level X, Thiel compared Marathon’s caller HODL argumentation to Michael Saylor‘s MicroStrategy.

Notably, Saylor praised the move, saying:

“Every institution should person a Bitcoin Strategic Reserve.”

Meanwhile, Marathon CFO Salman Khan explained that the caller argumentation returns the steadfast to its erstwhile approach.

Khan attributed the argumentation displacement to favorable marketplace trends and increasing organization enactment for the asset. The improving macroeconomic situation besides allows the steadfast to treble down connected its existent approach.

Khan added:

“Bitcoin’s caller terms decline, coupled with the spot of our equilibrium sheet, afforded america an accidental to adhd to our holdings. We look guardant to continuing to leverage our technological expertise to enactment Bitcoin and distributed integer plus ecosystems.”

Other miners selling

Marathon’s Bitcoin buying actions opposition sharply with the caller inclination of different miners selling.

On July 22, Mathew Sigel, VanEck’s caput of integer research, citing Glassnode data, pointed retired that BTC miners had unloaded 170% of their 30-day mined supply. He wrote:

“BTC miners are present selling heavy into the caller rally, unloading 170% of the 30-day mined supply. Such avid dumping has occurred astatine some carnivore marketplace lows and bull marketplace highs, leaving small signal.”

The station Marathon Digital bucks trend, acquires $100 cardinal successful Bitcoin arsenic others sell appeared archetypal connected CryptoSlate.