Bitcoin mining behemoth, Marathon Digital Holdings, has doubled down on its crypto conviction, acquiring $100 million worth of Bitcoin in the past month.
In a July 25 X post, Fred Thiel, CEO and chairman of Marathon Digital, announced that Marathon plans to “full hodl,” a crypto term for “hold on for dear life.”
The Bitcoin selling patterns of large holders, like mining firms, can significantly impact Bitcoin’s price, especially following the 2024 Bitcoin halving, which may force miners to sell more BTC due to the block rewards being cut in half.
Marathon did not sell any of its Bitcoin holdings in June, despite a month-long decline in Bitcoin prices. At that time, the Bitcoin miner stated it might sell some Bitcoin in the future to support monthly operations, manage treasury, and for general corporate purposes.
However, Marathon has now shifted to a “full hodl” strategy, meaning it won’t be selling any more BTC, according to Thiel:
“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”
With the newly acquired $100 million worth of Bitcoin, the company’s holdings have surpassed 20,000 BTC, valued at over $1.28 billion, according to the firm’s X post.
Despite Marathon’s recent acquisition, Bitcoin’s price is struggling to stay above the $64,000 psychological mark. Bitcoin fell over 3.6% in the 24 hours leading up to 1:17 p.m. UTC, trading at $64,093. BTC is up over 4.6% on the monthly chart, according to Bitstamp data.
The recent slowdown in inflows to US Bitcoin ETFs has cast a shadow over Bitcoin’s price. After a twelve-day streak of net inflows, the market experienced its first week of outflows, totaling $78 million. While inflows rebounded on July 24, the initial dip has contributed to the overall price slump.
