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Marathon Digital (NASDAQ:MARA) shares are in the news on Friday after the crypto mining and holding company bought more Bitcoin (BTC USD).
Marathon Digital has bought another $100 million Value of BTC. This means that the company now holds over 200,000 Bitcoin on its balance sheet.
Marathon Digital is also committed to not selling Bitcoin. The company says it will adopt a HODL approach, allowing it to keep all the BTC it mines. Additionally, additional tokens are purchased on the open market from time to time.
Salman Khan, Chief Financial Officer of Marathon Digital, said the following about the company’s HOLD strategy:
“Given Bitcoin’s current tailwinds, including increasing institutional support and an improving macroeconomic environment, we are re-executing this strategy and focusing on increasing the amount we hold on our balance sheet.” Bitcoin’s recent price drop , coupled with the strength of our balance sheet, provided us with the opportunity to increase our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.”
What this means for MARA stock
Investors appear to support Marathon Digital’s plans to buy and hold Bitcoin. That means shares of MARA stock rose 4% on Friday morning. However, the stock is still down 8% year-to-date.
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At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
At the time of publication, the responsible publisher did not hold, directly or indirectly, any positions in the securities mentioned in this article.