- Marathon Digital purchased an additional $100 million as part of a new HODL approach.
- MARA plans to keep all its mined BTC and buy more on open markets
Popular Bitcoin [BTC] Miner Marathon Digital is in the news today after adding $100 million worth of BTC as part of a new strategy. Fred Thiel, CEO of Mara Digital declared that the company added the stock last month to “strengthen” its treasury strategy.
“Today, Marathon is proud to announce that, to strengthen our strategy to hold #Bitcoin as our strategic treasury reserve, we are now going full HODL.”
The company added that it is a new full HODL approach meaning it would keep all mined BTC and strategically accumulate even more from open markets. That’s a bullish signal from one of the largest BTC miners, reiterating the long-term “long-term value” of the digital asset.
Marathon Digital’s Move: Is the BTC Miner Crisis Over?
A recent report from Bernstein also illustrated MARA’s accumulation wave and HODL approach. The report noted that MARA’s share of BTC sold as a percentage of production fell from 56% in 2023 to 31% in 2024.
Source: Bernstein
The HODL trend has also been observed among other BTC miners, such as Riot platforms and CleanSpark.
In fact, MARA’s CEO and Chairman Fred Thiel is now encouraging others to follow their HODL approach and incorporate BTC as a strategic treasury reserve.
“We believe that Bitcoin is the best treasury reserve in the world and support the idea of sovereign wealth funds owning it. We encourage governments and companies to all hold Bitcoin as a reserve.”
However, despite the holding strategy of some large publicly traded BTC miners, average mining costs remain well above the crypto’s current value. At the time of writing: the average mining costs was $70,000, compared to a press time value of $65,000.
Source: MacroMicro
This means that the profitability of BTC miners is still an issue, especially for small-scale private companies.
However, according to BTC analyst Willy Woo, this could change quickly if the capitulation of miners ends. The analyst added that the end of the miner crisis could send BTC mining stocks, including MARA, soaring.