Marathon Digital Buys $100M in Bitcoin Amid Shift from Selling Trend

Marathon Digital Holdings (MARA) has acquired 1,292 Bitcoin tokens worth approximately $100 million, according to blockchain media U.Today. The transaction took place through FalconX's over-the-counter (OTC) platform and totaled $98.64 million at an average purchase price of $76,347 per coin.

This move marks a reversal from the company's previous six-month strategy of aggressively selling Bitcoin to reduce debt and fund new initiatives. Marathon had sold over 28,800 BTC, totaling roughly $1.5 billion, between early 2023 and mid-2024 to finance high-performance computing (HPC) infrastructure, AI data center construction, and the early redemption of convertible bonds maturing in 2030 and 2031. This left Marathon's operational wallet balance at 9,658 BTC, valued at approximately $729.7 million based on a Bitcoin price of $75,494.

The purchase comes amid deteriorating profitability across the mining sector, with average mining costs for listed miners reaching $75,500 per BTC in Q2 2024, while the market price closed at $58,400. Hashrate prices also hit a historic low of $27.70 per PH/s daily in June. Core Scientific canceled orders for equipment worth $41.9 million and some smaller miners have begun winding down operations.

Marathon's latest purchase signals a strategic pivot to balance AI expansion with Bitcoin holdings, reversing its previous aggressive asset liquidation over the past six months. The company is maintaining Bitcoin as a core financial asset despite worsening mining economics.