Marathon is a longtime Bitcoin holder.
Marathon Digital Holding Inc., a long-time bitcoin holder, sold the token for the first time last month as the price of bitcoin skyrocketed to help cover its operating expenses.
The company sold 1,500 coins in January and stated that it would continue to sell some of its bitcoin holdings this year.
Most miners resort to selling tokens to help finance their
“Marathon may continue to sell some of its bitcoin holdings in the future to support monthly operations, manage its treasury, or for general corporate purposes,” the company said in a statement.
The Las Vegas, Nevada-based company is one of the few miners that did not sell any coin holdings when the cryptocurrency market crashed in 2022.
The company’s shares fell nearly 90% in 2022 due to the collapse of the digital asset sector, but the stock has more than doubled this year due to a resurgence in risk appetite and cryptocurrency prices.