Marathon Digital Holdings, the world's largest Bitcoin miner, continues to increase its Bitcoin holdings as part of its "full HODL" approach. The company announced that it increased its Bitcoin holdings by 2,282 BTC, worth over $124 million at the current valuation.
This puts Marathon's Bitcoin holdings at 20,818 BTC, worth over $1.14 billion, as of August 6, 2024. The company's strategy of holding onto a significant portion of the Bitcoins it mines is considered a bullish sign for the underlying asset's future potential.
Marathon acquired $100 million worth of Bitcoin in July, aiming to make BTC a strategic treasury reserve asset. The company plans to go "full HODL," which is crypto slang for "hold on for dear life," as announced by Fred Thiel, CEO and chairman of Marathon Digital.
Marathon's Bitcoin strategy is a positive development, considering that the world's largest Bitcoin miner isn't capitulating despite a 50% cut in block rewards due to the 2024 Bitcoin halving, which could still force other miners to sell BTC.
In addition to increasing its Bitcoin holdings, Marathon also increased its Bitcoin production to 692 BTC for the month of July, marking a 17% month-over-month increase. The company holds a total of $1.6 billion in total Bitcoin and cash holdings.
Marathon's block wins also increased by 27% over the past month, and the company plans to continue mining aggressively while the global hash rate comes offline due to a lower BTC price.
