Marathon Digital sells its Bitcoin holding for the first time since Oct 2020
The firm plans to sell more BTC ahead to increase their operational cost
As Bitcoin price surged above $23,500 level, long time Bitcoin holder Marathon Digital (MARA) has claimed to have sold a few of their Bitcoin holdings. This is for the first time the Bitcoin mining giant has decided to sell its BTC holdings in two years.
As per the official claim posted on Feb 2, in the month of January Marathon Digital has sold 1,500 Bitcoin which is worth $35.3 million. Though a few crypto miners were forced to sell their crypto holdings due to financial distress, Marathon Digital clarified that this wasn’t their condition.
Marathon Digital Plans To Dump More Bitcoin Ahead
As per Charlie Schumacher, corporate communications VP at Marathon, the firm didn’t want to sell their BTC holdings while the production was down. This was one of the main reasons for the company to hold on to their BTC holding until now. However, in 2023 Marathon is looking forward to paying their debts and increasing cash. Also the firm is working towards holding a liquidity of both cash and Bitcoin.
What needs to be noted here is even after the firm sold 1,500 BTC, they have increased their unregistered BTC holdings of 8,090 BTC ($189.8 M) in January. Moreover, while Bitcoin price soared in 2023, Marathon Digital also recorded an increase of 45% in the total Bitcoins minted. In the month of January, the firm minted a total of 687 BTC while in December 2022, they produced only 475 BTC.
Also in terms of stocks, Marathon Digital Holdings stock price (NASDAQ-MARA) saw an increase of 135% in January and is now trading at $8.
As Bitcoin production increases, the company is hoping to sell more Bitcoin ahead to increase their operational costs. As per the data, Marathon Digital is the second biggest publicly-listed holder of Bitcoin after Microstrategy.
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