- Marathon Digital Holdings, the second largest publicly-listed holder of Bitcoin, sold 1,500 BTC for the first time in two years.
- The company spokesman said this sale was not a result of financial distress and was done to build up a “war chest” of liquidity composed of both cash and Bitcoin.
- Even after the sale, Marathon managed to increase its unrestricted Bitcoin holdings in the month to 8,090 BTC ($189.8 million).
Marathon Digital Holdings Sold 1,500 BTC First Time in Two Years
Marathon Digital Holdings has offloaded some of its Bitcoin (BTC) $23,336 –0.52% MARKET CAP$449.95bVOL. 24H$881.88m BTC $37.61k for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress but rather done to have a “war chest” of liquidity composed of both cash and Bitcoin.
Company Was Diamond-Handing Its Bitcoin Until Now
Until now, Marathon wasn’t selling its Bitcoin due to production being down and having been bullish on the long-term prospects of the leading cryptocurrency. Coming into 2021 however, Marathon wanted to have a “war-chest” of liquidity so it made the decision to sell some holdings which coincided with an uptick in price for Bitcoin during January.