MARA (formerly Marathon Digital), the world's most valuable listed Bitcoin mining company, announced on Thursday (25th) that it has purchased an additional US$100 million worth of Bitcoin. This acquisition brings MARA's balance sheet to hold more than 20,000 Bitcoins. Bitcoin (worth approximately $1.3 billion), nearly 0.1% of the total Bitcoin supply (21 million).
MARA did not provide specific details of the purchase, including the timing of the purchase and the average purchase price. MARA Chief Financial Officer Salman Khan said in an interview with "The Block" that the company only strategically takes advantage of favorable market conditions and waits for opportunistic purchases of Bitcoin in the market.
According to Bitcoin Treasures , MARA had 18,536 BTC on its balance sheet as of the end of June. The Block speculates that MARA’s latest buying move may have been carried out this month at a price between $54,000 and $68,000, with a total of Quantity is approximately 1,500 pieces.
This is not the first time MARA has obtained Bitcoin through methods other than mining. In January 2021, MARA purchased $150 million worth of Bitcoin, and Khan said: "However, the vast majority of the Bitcoin reflected on our balance sheet was generated through our mining operations."
Will adopt "HODL" strategy
In addition, MARA also stated in a press release issued today that the company will adopt a comprehensive "HODL" strategy for its Bitcoin financial policy, retaining all Bitcoin mined in its operations, and making strategic disclosures on a regular basis. Market purchase.
MARA Chairman and CEO Fred Thiel said in a statement:
“Adopting a comprehensive HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the world’s best financial reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and businesses alike to invest in Bitcoin.” Coins are held as reserve assets.”
Khan added:
“Prior to last year, the company used to retain all of its Bitcoin holdings, and given the current favorable conditions for Bitcoin, including increased institutional support and improving macro conditions, we have again implemented this strategy and focused on adding additional assets to our balance sheet. holdings. The recent price decline in Bitcoin, combined with the strength of our balance sheet, provides us with an opportunity to increase our holdings.”
Khan also said that as the strategy relaunches, MARA will leverage existing cash on its balance sheet and capital markets to fund future operations.
MARA announced last month that the company was mining KAS, the native token of Layer 1 protocol Kaspa, to diversify its mining revenue.
