Digital Marathon Nyerok Bitcoin Worth IDR 3.98 Trillion

Bitcoin mining giant, Digital Marathon. (Photo; Doc. Tftc)

JAKARTA - The crypto market continues to experience positive developments with increasing interest from institutions and the government. This trend also triggers more intensive Bitcoin (BTC) mining activities, especially by large companies competing to accumulate these digital assets. One of the main players, Marathon Digital Holdings, recently took a big step towards strengthening their position in the crypto industry.

Marathon Digital Holdings, the world's largest Bitcoin mining company, announced it has added to their Bitcoin reserves with purchases worth US$249 million or equivalent to Rp3.98 trillion. This purchase was made in the open market and is part of the company's strategy to maintain and enlarge their Bitcoin holdings.

In an official announcement released on August 15, 2024, Marathon stated that it managed to secure funds of US$300 million (Rp4.8 trillion) through an oversubscribed, or exceeding the expected target.

From these funds, Marathon bought 4,144 BTC at an average price of 59,000 US dollars (Rp944 million) per BTC. This purchase increased the total Bitcoin Marathon reserves to more than 25,000 BTC.

The bond offering received great attention from investors, resulting in a net income of US$292.5 million (Rp4.68 trillion) with an annual interest rate of 2.125% due in September 2031. This move provides a financial flexibility for Marathon to continue developing their mining operations amid crypto market fluctuations.

Marathon has long been known for its HODL (OLD On for Dear Life) strategy, namely maintaining their Bitcoin holdings in the long term without selling them. Last month, Marathon also added to their reserves by buying USD 100 million BTC (IDR 1.6 trillion), which shows the company's strong confidence in Bitcoin's long-term potential.

Marathon believes that Bitcoin is the company's most valuable reserve asset, with potential significant value improvements in the future. Therefore, the company continues to focus on the accumulation of Bitcoin through mining and buying in the open market, as a step to strengthen its position in the global crypto market.

With this move, Marathon Digital Holdings further reinforces its position as one of the key players in the Bitcoin mining industry, amid growing institutional interest in crypto assets.