Bitcoin mining company embraces a “Hodl” strategy
Marathon Digital holds over 20,800 Bitcoin, more than double the amount held by the second-largest miner, Hut 8. The company intends to raise $250 million through a bond sale, with the proceeds earmarked for purchasing Bitcoin and other general corporate needs. The bonds will accrue interest semiannually and are due on September 1, 2031.
This move by Marathon Digital comes as a surprise since the company sold 51% of the Bitcoin it mined in the second quarter to cover operational expenses. However, on July 25, they made a major announcement on X and proceeded to purchase $100 million worth of Bitcoin. The company’s aim is to keep all Bitcoin on its balance sheet for the long term.
According to Fred Thiel, CEO of Marathon Digital, the company is committed to a “full hodl” strategy (hodl = “hold on for dear life”).
Bitcoin is intended to act as a strategic reserve. To achieve this, the miner is considering an additional bond sale of $37.5 million to initial investors, depending on market conditions, as stated by Marathon Digital.
