Mara MARA (NASDAQ:MARA), a leader in leveraging digital asset computing to transform energy, has purchased $100 million worth of bitcoin, bringing its total holdings to more than 20,000 bitcoins, according to a press release sent to Bitcoin Magazine.
The company also announced a new treasury policy to adopt a full HODL approach, holding all mined bitcoin and making periodic strategic purchases.
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the world’s best reserve asset and support the idea of sovereign wealth funds owning it. We encourage governments and corporations to hold Bitcoin as a reserve asset,” said Fred Thiel, Chairman and CEO of MARA.
Mara said it aims to leverage its technological expertise to support Bitcoin and the broader digital asset ecosystem.
“Prior to last year, the company held all of its bitcoins. Given the current tailwinds for bitcoin, including increased institutional support and an improving macro environment, we are executing on this strategy again and focusing on increasing the amount we hold on our balance sheet,” Salman Khan, MARA’s CFO, said in the press release. “The recent decline in the price of bitcoin, coupled with the strength of our balance sheet, has provided us with an opportunity to add to our holdings. We look forward to continuing to leverage our technological expertise to support bitcoin and distributed digital asset ecosystems.”
Last month, Mara announced it would use heat from Bitcoin mining to heat a town of 11,000 people in Finland.
BREAKING: Marathon is now heating a town of over 11,000 people in Finland using heat from #Bitcoin Mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024