A company spokesperson says the second publicly traded BTC exchange plans to have a “war chest” of both cryptocurrencies and Bitcoin.
The second largest owner of publicly traded Bitcoin, crypto mining firm Marathon Digital Holdings has unloaded some of its Bitcoin.
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for the first time in two years.
A spokesperson told Cointelegraph that this was not the result of a financial crisis.
According to an update published on February 2, the company said that during January it sold 1,500 BTC worth $35.3 million at current prices.
While some cryptominers have been forced to sell Bitcoin because of the pressure, Marathon’s Vice President of Corporate Communications, Charlie Schumacher, said this is not the case with Marathon.
Schumacher said Marathon gave up its Bitcoin for diamonds until recently, because the company didn’t want to sell while production declined, and it was up for the long-term of the cryptocurrency giant . . . .
But going into the new year, Marathon plans to have a liquidity “war chest” made up of both cash and Bitcoin, and looks to continue paying off debt and increasing on its financial positions.
Schumacher added that the recent rise in the price of Bitcoin has led to the sale of some of his shares.
In January, Bitcoin rose above the $24,000 price for the first time since August.
Even after the sale, Marathon managed to increase its unrestricted Bitcoin holdings for the month to 8090 BTC ($189.8 million).
Marathon said it also significantly increased Bitcoin withdrawals throughout January, mining 687 BTC, a 45% increase compared to the previous month. In the update, Marathon President and CEO Fred Thiel said:
“Our bitcoin mining success was primarily driven by our team being able to work closely with a new hosting provider in McCamey, Texas to address technical and maintenance issues at the King Mountain data center that had limited our Bitcoin mining in Q4 2022.” year.
Last year, Marathon noted in an update on May 4 that it last conducted a Bitcoin sale on October 21, 2020, and has done so ever since.
Asked how he managed to avoid selling off the core function of his business, Schumacher said the company’s headcount is down to “32 people today,” suggesting it was for funding the result of sound long-term strategies
Related: Bitcoin price is rising, but BTC Mining Stocks may remain challenging in 2023
Marathon is the second largest owner of publicly traded Bitcoin according to CoinGecko, second only to software testing firm MicroStrategy. According to MarketWatch, it has seen a significant increase in its share price in recent days, with MARA shares rising 135% year-over-year to $8.