In its latest update, Marathon Digital, the second-biggest publicly listed holder of BTC, announced that the company sold 1,500 BTC, worth $35.3 million at current prices in January.
Charlie Schumacher, Marathon’s Vice President of Corporate Communications, said the company did not offload its Bitcoin because it was under any form of financial duress.
He adds that Marathon did not want to sell its mined Bitcoins while production was done. CEO Fred Thiel said that Marathon sold BTC to cover some “operating expenses and for general corporate purposes.”
As per the statement, Marathon Digital now holds a total of 11,418 BTC. However, the company is planning on taking a different route toward portfolio management.
Charlie Schumacher explained that Marathon aims to build a “war chest” of liquidity composed of cash and Bitcoin. This will help the company continue to pay down debt and increase its cash position.
Marathon Digital remains a diamond hand holding Bitcoin, and sales were only intended to help fund the firm’s operations.
Read about the struggles of Bitcoin miners below:
Bitcoin Miner Core Scientific Files for Bankruptcy, Continues Mining while Repaying Debt Holders
Troubled Miner Argo Blockchain to Reduce Debt by $41 Million by Selling Helios Mining Facility to Galaxy Digital
Read more on the rally that caused Marathon to sell Bitcoin in:
Bitcoin Surges After Fed Relaxes on Interest Rate Hikes
See original on DailyCoin
Source: Cryptocurrency - investing.com
