Marathon Digital Holdings, the world’s largest Bitcoin miner, continues to increase its holdings as part of its “full hodl” strategy.
The current valuation of Marathon Digital exceeds $124 million, as it has increased its holding of 2,282 Bitcoin.
According to an announcement on August 6, Marathon’s Bitcoin holdings are valued at 20,818 BTC, equivalent to more than $1.14 billion.
Giant Bitcoin holding entities, or whales, can significantly influence the price of Bitcoin. Bullish indicators for the future potential of the underlying asset are large entities transitioning to a long-term holding strategy.
Marathon invests in Bitcoin
Marathon purchased $100 million worth of Bitcoin in July to establish BTC as a strategic treasury reserve asset, according to Cointelegraph.
Fred Thiel, CEO and chairman of Marathon Digital, announced in a July 25 X post that Marathon intends to engage in “full hodl,” which is crypto shorthand for “hold on for dear life.”
“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.”
Marathon’s Bitcoin strategy is a positive development, as the world’s largest Bitcoin miner is not surrendering despite a 50% reduction in block rewards due to the 2024 Bitcoin halving. This could still compel other miners to sell BTC.
Marathon enhances the monthly production of Bitcoin by 17%
Marathon has increased its Bitcoin production to 692 BTC for July, a 17% month-over-month increase, in addition to purchasing BTC.
The announcement indicates the company has $1.6 billion in cash and Bitcoin holdings.
According to Fred Thiel, the CEO and chairman of Mara, Marathon’s block victories have also increased by 27% in the past month. He stated in the announcement:
“BTC production last month rose 17% to 692 BTC compared to June, and our average operational hash rate grew 5% over the same period to 27.5 EH/s. We will continue to mine aggressively while the global hash rate comes offline due to a lower BTC price and use all the tools related to mining economics for maximum production.”
Marathon did not sell any Bitcoin during June, which is also noteworthy.
