A Company Representative says the second-biggest Publicly listed holder of BTC wants to have a “Reserve” of liquidity composed of both cash and Bitcoin.
The second biggest publicly-listed holder of Bitcoin, Crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years.
The consequence of financial pain
According to an update posted on Feb. 2, the company disclosed that during January it sold 1,500 BTC, worth $35.3 million at current prices.
While some Crypto miners have been forced to sell Bitcoin due to trouble, Marathon VP of corporate communications Charlie Schumacher said this was not the situation for Marathon.
Schumacher said that Marathon had been diamond-giving its Bitcoin as of recently, as the firm would have rather not sold while production was down, and has been bullish on the drawn out prospects of the leading Cryptocurrency.
Yet, coming into the new year, Marathon wants to have a “stash” of liquidity composed of both cash and Bitcoin and is looking to continue settling debt and increase its cash positions.
The decision to sell some of its holdings was made due to the recent increase in the price of Bitcoins. January saw Bitcoin transcend the $24,000 price level for the first time since August.
Indeed, even after the sale, Marathon managed to increase its unhindered Bitcoin holdings in the month to 8,090 BTC ($189.8 million).
Marathon said it also had significantly increase Bitcoin production throughout January, producing 687 BTC, which represents an increase of 45% compared to the month earlier.The chairman and CEO of Marathon noted in the update.
“The improvement in our bitcoin Production was essentially a Consequence of our Team’s capacity to work couple with the new facilitating provider in McCamey, Texas, to address the upkeep and technical issues at the Ruler Mountain data focus that had suppressed our bitcoin production in the final quarter of 2022.”
Last year, Marathon noted in a May 4 update that the last time it had sold any Bitcoin was on Oct. 21, 2020, and has been hodling from that point forward.
At the point when asked how it had managed to avoid selling the main product of its business operations, Schumacher pointed to the firm’s low headcount, consisting of “32 people as of today,” and proposed it was a consequence of sound long haul Financial Strategies.
Marathon is the second-biggest publicly listed holder of Bitcoin according to CoinGecko, beaten exclusively by software analytics company MicroStrategy. It has recorded a significant lift in its share price in recent days, with MARA stock rising 135% so far this year to $8, according to MarketWatch.