MARA buys $100 million worth of Bitcoin, plans to 'HODL', shares fall.

From Investing.com

July 25, 2024 08:54 AM:

Bitcoin miner MARA announced the purchase of an additional $100 million worth of bitcoin, bringing its total holdings to over 20,000 BTC. The company’s shares fell over 2% in premarket trading following the news. MARA plans to adopt a full HODL approach to its bitcoin treasury policy, supporting the idea of bitcoin as a reserve asset.

MARA’s recent acquisitions are estimated to be around 1,500 BTC, bought in the $54,000 to $68,000 range this month. The company will retain all bitcoin mined in its operations and make strategic open market purchases. This strategy mirrors that of MicroStrategy, which holds 226,331 BTC as a primary treasury reserve asset, led by CEO Michael Saylor.

Chairman and CEO Fred Thiel emphasized MARA’s confidence in bitcoin’s long-term value, calling it the world’s best treasury reserve asset. The company encourages governments and corporations to follow suit and hold bitcoin as a reserve asset. MARA’s strategic approach aligns with the trend of companies increasing their bitcoin holdings as a secure investment option.

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