Bitcoin Miner Marathon Digital Goes Full HODL, Stashing $100M Worth of BTC

Popular Bitcoin [BTC] miner Marathon Digital is in the news today after it added $100 million worth of BTC as part of a new strategy.

Bitcoin [BTC] miner Marathon Digital (NASDAQ:MARA) has announced that it will no longer be selling any of its BTC holdings, a move that is sure to bolster the price of the digital asset.

The company announced on Friday that it has added $100 million in BTC to its treasury over the past month as part of a new strategy to “strengthen” its approach to treasury management.

“Today Marathon is proud to announce that to strengthen our strategy of holding #Bitcoin as our strategic treasury reserve asset…We will now go full HODL.”

According to the mining firm, the new approach will see it retain all BTC mined and strategically acquire more from the open market. This marks a significant shift for Marathon, which has been gradually reducing its BTC sales.

The move is also in line with recent reports from Bernstein, which highlighted Marathon’s increasing BTC holdings and decreasing sales. The report showed that MARA’s portion of BTC sold as a percentage of production declined from 56% in 2023 to 31% in 2024.

“The HODL trend was also seen across other BTC miners, like Riot platforms and CleanSpark.”

According to the report, Marathon’s strategy is part of a broader trend among large publicly-traded BTC miners to pivot toward a strategy of holding BTC as a treasury reserve asset.

However, despite the holding strategy, the average mining costs for BTC miners remain significantly higher than the crypto’s current price. At press time, the average mining cost stood at $70K, against a press time value of $65K.

“This means that BTC miners’ profitability is still a problem, especially for small-scale private firms.”

However, according to BTC analyst Willy Woo, this could soon change when miner capitulation ends. The analyst went on to add that the end of the BTC miners’ crisis could rally BTC miner stocks, like MARA.

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