MARA (NASDAQ: MARA), a leader in leveraging digital assets for energy transformation, has purchased $100 million worth of Bitcoin, bringing its total holdings to over 20,000 BTC, according to a press release sent to Bitcoin Magazine.
The company also announced a new treasury policy to adopt a full HODL approach, retaining all mined Bitcoin and making strategic purchases periodically.
“Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin,” said Fred Thiel, chairman and CEO of MARA. “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 hold bitcoin as a reserve asset.”
MARA said it aims to leverage its technological expertise to support Bitcoin and the broader digital asset ecosystem.
“Prior to last year, the company held all of its bitcoins,” Salman Khan, MARA’s chief financial officer, said in the press release. “Given Bitcoin’s current tailwinds, including increased institutional support and an improving macro environment, we are re-implementing this strategy and focusing on growing the amount we hold on our balance sheet. The recent decline in Bitcoin’s price, coupled with the strength of our balance sheet, provided us with the opportunity to expand our holdings. We look forward to continuing to leverage our technology expertise to support Bitcoin and distributed digital asset ecosystems.”
Just a month ago, MARA announced that it used the heat released from mining Bitcoins to heat a town of 11,000 people in Finland.
JUST IN: Marathon is now heating a town of over 11,000 in Finland using heat from #Bitcoin mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024