Marathon Digital, the world’s largest Bitcoin miner, increased its total Bitcoin holdings by $124 million this past July. The mining company now holds over $1.1 billion worth of Bitcoin after the company decided to go full “HODL” last month.
Marathon Digital increased its BTC holdings by 2,282 tokens, now holding 20,818 in total. The company picked up approximately $100M in bitcoin in July. According to reports, MD aims to make the asset a strategic treasury reserve asset. Coincidentally, this is something that the US government has also been rumored to speculate on, with its current holdings in the Department of Justice.
Marathon plans to go “full HODL” on Bitcoin, Fred Thiel, CEO and chairman of Marathon Digital, announced in a July 25 X post. “Today Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have over the past month purchased $100 million in BTC, and will now go full HODL.”
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Marathon Digital’s Latest HODL to Fuel Bitcoin in August?
Source: WatcherGuru
Despite Bitcoin’s recent struggles and descent below $60,000, this news is certainly positive. As mentioned earlier, Marathon Digital is the largest miner of BTC worldwide. Following the 50% cut in rewards from the Bitcoin halving and recent falls, the company is still all in on the asset. The development could cue some hype and a small tick of momentum around BTC.
The company didn’t just purchase more of the leading cryptocurrencies by market cap, it also increased its mining production. Marathon Digital reportedly increased its Bitcoin production to 692 BTC for July. This is a 17% month-over-month increase, not too bad for a top miner. July also marked the second consecutive month that Marathon Digital didn’t sell any Bitcoin, showing further trust in the asset.
