(Bloomberg) -- Marathon Digital Holdings Inc. plans to acquire rival Bitcoin miners and related infrastructure in the next two years, according to Chief Executive Officer Fred Thiel. 

“We intend to expand considerately” in 2024 and 2025, Thiel said during an interview on Bloomberg Television on Thursday. “I think you’ll see us being a consolidator in the industry.” 

Marathon is already one of the biggest US-based participants in the sector. Bitcoin miners are enjoying a renascence amid a rebound in Bitcoin prices this year after a plunge in digital assets in 2022 due to a flurry of crypto meltdowns that included bankruptcies by firms such as Core Scientific Inc. 

The Las Vegas-based firm’s shares have jumped more than 400% this year, while Bitcoin has increased about 160% during the same period. 

Approval of a US exchange-traded fund that invests directly in Bitcoin by the Securities and Exchange Commission should be beneficial for miners because it will boost overall demand for the cryptocurrency, Thiel said. 

--With assistance from Jon Erlichman.

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