Marathon, a major player in the cryptocurrency world, recently made a substantial Bitcoin (BTC) purchase, increasing its total holdings to 25000 BTC.
Marathon’s Strategic BTC Purchase
Marathon announced its latest acquisition through its official page. The company secured $300 million through an oversubscribed offering of convertible senior notes. With these proceeds, Marathon purchased 4144 BTC, valued at approximately $249 million. This move significantly boosted Marathon’s strategic Bitcoin reserve.
Marathon’s HODL Strategy
Marathon’s recent purchase aligns with its BTC accumulation strategy. The company adheres to a HODL strategy, where it mines BTC and makes open market purchases to increase its reserve. According to Marathon, this strategy reflects their confidence in the long-term value of BTC. They believe BTC is the best treasury reserve asset, which will continually gain value, benefiting Marathon and its investors.
Future of BTC and Marathon
Despite significantly reducing its BTC sales since October 2023, Marathon's stock has declined by 33.97% year-to-date due to increased BTC volatility. However, Marathon aims to boost its value by continuing to accumulate BTC. Increased institutional adoption of BTC is also beneficial for Marathon, as it is likely to drive up demand and prices.
In conclusion, with increased institutional investment, the demand for BTC is likely to rise, driving its value higher.
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