MARA has published a press release to share that it now has over 20,000 bitcoins on its balance sheet. This follows the purchase of $100 million worth of BTC. This is not MARA’s first purchase, and chances are that it will continue to acquire tokens in the future.
In the press release, MARA additionally stated its intention to implement the HODL approach in its Bitcoin treasury policy. This implies that it will periodically make strategic open market purchases and retain bitcoin mined in operations. The HODL approach goes into effect immediately, and it expects to roll out more details about purchases as it executes them.
Fred Thiel, the Chairman and Chief Executive Officer of MARA, said that the recent acquisition and the transition to the HODL approach reflect their confidence in the long-term potential of Bitcoin tokens. Fred also encouraged holdings for government and corporations as a reserve asset while reinstating the belief that BTC is the world’s best treasury asset.
Notably, the dip in BTC value provided a window to expand their holdings. The token had previously traded for less than $65,000. It had even hovered around $53,900 in the first week of July 2024.
Salman Khan, MARA’s Chief Financial Officer, echoed this scenario and stated that MARA will now leverage its technological expertise to support BTC and the ecosystem of distributed digital assets.
There is indeed potential in BTC’s future. It is currently listed at $66,978.98, up by 4.41% in the last 24 hours. This is also an 8.47% increase in the last 30 days. Experts predict that Bitcoin could reach a peak of $86,744 within the next 30 days. That would be a jump of 31.97% from the current value. It will first have to breach the mark of $75,000 in the next 5 days. While impossible, the community believes that BTC can achieve any milestone, given all factors align favorably.
It is believed that the assassination attempt on Donald Trump brought bulls back to the market. Cryptocurrency values began climbing the ladder under the impression that the assassination attempt was an indication of who had a higher chance of winning. The political dynamics have changed across the US, but the crypto market is optimistic about its future, especially since the US SEC has approved Spot Ether ETF.
MARA’s purchase of Bitcoin indicates a continued trend of large-scale token acquisition. MARA has even encouraged the government and corporations to consider holding Bitcoin as a reserve asset. There is no official response to this; however, suffice it to say that MARA has joined the list of those who are accumulating the flagship token before it makes a breakthrough worth $100,000. That milestone has had everyone’s attention for a long time, and it remains to be seen if BTC lands the target by the end of 2024.