Marathon’s first Bitcoin sale in 2 years not the result of distress

The 2nd largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded immoderate of its Bitcoin for the archetypal clip successful 2 years. 

A spokesperson told Cointelegraph this was not a effect of fiscal distress. 

As per a January update posted connected Feb. 2, the institution disclosed it sold 1,500 BTC, worthy $35.3 cardinal astatine existent prices, during the month.

While immoderate crypto miners person been forced to merchantability Bitcoin due to distress, Marathon’s VP of firm communications Charlie Schumacher explained this was not the lawsuit for Marathon.

Marathon Digital's 'Bitcoin Mining Data Center' successful Hardin, Montana. Source: Marathon Digital

Schumacher said Marathon has been diamond-handing its Bitcoin until present arsenic the steadfast didn’t privation to merchantability whilst production was down, and has been bullish connected the semipermanent prospects of the starring cryptocurrency.

But coming into the caller year, Marathon wants to person a “war-chest” of liquidity composed of some currency and Bitcoin and is looking to proceed paying down indebtedness and summation its currency positions.

Schumacher besides noted that Bitcoin’s caller uptick successful terms contributed to the determination to merchantability immoderate of its holdings.

 January saw Bitcoin emergence supra the $24,000 terms level for the archetypal clip since August 2022.

Even aft the sale, Marathon managed to summation its unrestricted Bitcoin holdings successful the period to 8,090 BTC ($189.8 million).

Operational highlights from Marathon’s latest update. Source: Marathon Digital Holdings

Marathon said it besides had importantly ramped up Bitcoin accumulation passim January, producing 687 BTC which represents an summation of 45% compared to the period prior. In the update, Marathon president and CEO Fred Thiel noted: 

“The betterment successful our bitcoin accumulation was chiefly a effect of our team’s quality to enactment successful tandem with the caller hosting supplier successful McCamey, Texas, to code the attraction and method issues astatine the King Mountain information halfway that had suppressed our bitcoin accumulation successful the 4th fourth of 2022."

Last year, Marathon noted successful a May. 4 update that the last clip it had sold immoderate Bitcoin was connected Oct. 21, 2020, and has been hodling since then.

When asked however it had managed to debar selling the main merchandise of its concern operations, Schumacher pointed to the firm's debased headcount, consisting of “32 radical arsenic of today,” and suggested it was a effect of dependable semipermanent fiscal strategies.

Related: Bitcoin terms is up, but BTC mining stocks could stay susceptible passim 2023

Marathon is the 2nd biggest publicly-listed holder of Bitcoin according to CoinGecko, beaten lone by bundle analytics institution Microstrategy, and has recorded a important boost successful its stock price since the opening of 2023, expanding to $8 for a percent summation of 135% according to MarketWatch.