The post Crypto Shockwave: Marathon Digital Buys $100M in Bitcoin – Here’s Why! appeared first on Coinpedia Fintech News
Marathon Digital has purchased $100 million worth of Bitcoin. They now hold a total of over 20,000 BTC, worth almost $1.3 billion. This is a huge shift in their strategy. Let’s understand why this is big news for the crypto world.
Marathon Digital Bets Big on Bitcoin
Marathon Digital recently bought $100 million worth of Bitcoin. The company now holds more than 20,000 BTC. This stash is worth nearly $1.3 billion at today’s prices. They are going back to their HODL strategy, keeping all the Bitcoin they mine. Fred Thiel, Marathon’s chairman and CEO, said, “We believe Bitcoin is the world’s best treasury reserve asset.” He also encourages governments and companies to hold Bitcoin as a reserve asset.
Perfect Timing for Bitcoin Investment
Marathon’s CFO, Salman Khan, explained why they bought more Bitcoin. “Given Bitcoin’s current tailwinds, including increased institutional support and an improving macro environment, we are once again implementing this strategy and focusing on growing the amount we hold on our balance sheet,” he said.
Bitcoin’s price recently dropped, which created a good buying chance. Marathon used its strong balance sheet to buy more Bitcoin. They believe holding Bitcoin will be very valuable in the long run.
What This Means for the Crypto Market
Marathon’s decision to HODL Bitcoin and make more market purchases is important. It shows growing trust in Bitcoin as a reserve asset. Big players like BlackRock offering spot BTC ETFs have made more investors interested in Bitcoin.
Fred Thiel said, “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.” With their strong balance sheet, Marathon is set for future growth and stability.
Marathon Digital’s $100 million Bitcoin purchase is a huge moment in crypto. By embracing a HODL strategy, they show Bitcoin is a valuable asset. This big move could lead to more trust and investment in digital assets.