Marathon Digital Holdings takes a major leap towards Bitcoin custody diversification with the addition of a highly secure, enterprise-grade custodian, raising the bar for safeguarding digital assets in the crypto industry.
Marathon Digital Holdings, a leader in supporting and securing the Bitcoin ecosystem, has announced the addition of a new custodian to diversify its bitcoin treasury. With its growing hash rate and increased bitcoin holdings, Marathon has decided to custody its bitcoin across multiple providers.
As of September 30, 2023, Marathon held 13,726 bitcoin, and in September alone, the company produced 1,242 bitcoin. Historically, Marathon has used a single custodian for its bitcoin holdings. However, as part of its treasury management strategy, the company has chosen to add a new, enterprise-grade custodian as its second provider. Marathon may also consider further diversification of its bitcoin custody in the future.
Salman Khan, Marathon’s chief financial officer, emphasized the importance of diversification in their overall strategy. He stated that while their existing custodian has played a valuable role, it is an opportune time to expand their custodial options. The new custodian offers enterprise-grade digital asset solutions and has extensive experience in the space. Marathon believes that their involvement as a custodian will complement their current solutions.
Investing in Marathon’s securities comes with a high degree of risk. Potential investors are advised to carefully consider the risks, uncertainties, and forward-looking statements mentioned in the company’s Annual Report. The company cautions that their past financial performance may not accurately predict future results. Factors such as changes in mining difficulty rates or Bitcoin hash rates could significantly impact Marathon’s bitcoin production.
Marathon Digital Holdings is a digital asset technology company focused on supporting and securing the Bitcoin ecosystem. They aim to become one of the largest and most sustainable Bitcoin mining operations in North America.