Large mining company MARA increases its holdings of Bitcoin by $100 million and will adopt the "

The world's largest Bitcoin mining listed company, MARA (formerly Marathon Digital), announced on Thursday (25th) that it has purchased an additional $100 million worth of Bitcoin. This acquisition has resulted in MARA's balance sheet holding over 20000 bitcoins (worth approximately $1.3 billion), which is close to 0.1% of the total Bitcoin supply (21 million).

MARA did not provide specific purchase details, including purchase time and average purchase price. MARA CFO Salman Khan stated in an interview with The Block that the company is only strategically utilizing favorable market conditions to purchase Bitcoin in the market.

According to Bitcoin Treasury data, as of the end of June, MARA had 18536 BTC on its balance sheet. The Block estimates that MARA's latest purchase move may have been made at a price between $54000 and $68000 this month, with a total purchase of approximately 1500 units.

This is not the first time MARA has obtained Bitcoin through methods other than mining. In January 2021, MARA purchased Bitcoin worth $150 million. Khan stated, "However, the vast majority of Bitcoin reflected on our balance sheet is generated through our mining business

We will adopt the 'HODL' strategy

In addition, MARA also stated in today's press release that the company will adopt a comprehensive "HODL" strategy for its Bitcoin financial policy, retaining all Bitcoin mined in its operations and regularly conducting strategic open market purchases.

MARA Chairman and CEO Fred Thiel stated in a statement:

The adoption of a comprehensive HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe that Bitcoin is the world's best financial reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and businesses to hold Bitcoin as a reserve asset

Khan added:

Prior to last year, the company used to frequently retain all of its Bitcoin holdings. Given the current favorable conditions for Bitcoin, including increased institutional support and improved macro environment, we have once again implemented this strategy and focused on increasing our holdings on our balance sheet. The recent price decline of Bitcoin, combined with the strength of our balance sheet, has provided us with an opportunity to increase our holdings

Khan also stated that with the restart of the strategy, MARA will utilize its existing cash and capital markets on its balance sheet to provide funding for future operations.

MARA announced last month that the company is mining the native token KAS of Layer 1 protocol Kaspa to diversify its mining revenue.