Marathon’s first Bitcoin sale in 2 years not the result of distress


The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. 

A spokesman told Cointelegraph this was not a result of financial distress. 

As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month.

While some crypto miners have been forced to sell Bitcoin due to distress, Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon.

Marathon Digital’s ‘Bitcoin Mining Data Center’ in Hardin, Montana. Source: Marathon Digital

Schumacher said Marathon has been diamond-handing its Bitcoin until now as the firm didn’t want to sell whilst production was down, and has been bullish on the long-term prospects of the leading cryptocurrency.

But coming into the new year, Marathon wants to have a “war-chest” of liquidity composed of both cash and Bitcoin and is looking to continue paying down debt and increase its cash positions.

Schumacher also noted that…

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