Marathon Digital Sells Mined Bitcoin for the First Time in Two Years, Isn’t Fueled by Duress

A man running on bitcoin with green chart in background

Marathon Digital sold 1,500 BTC in January, the first time the Bitcoin miner sold in more than two years, but confirms the sale was not the result of being under financial distress. 

Marathon Digital Sells 1,500 Bitcoin (BTC)

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.”

Marathon Digital is Changing Operations 

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.

On the Flipside

  • Schumacher adds that Bitcoin’s recent rally contributed to the decision to sell some of its holdings. Bitcoin now trades at $23,000.

Why You Should Care

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

Read more on the rally that caused Marathon to sell Bitcoin in:
Bitcoin Surges After Fed Relaxes on Interest Rate Hikes

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia