EddieJayonCrypto
20 Dec 24
Marathon Digital Holdings and Hut 8 have invested $1.6 billion in Bitcoin during a market dip, purchasing over 16,000 BTC. Marathon bought 15,574 BTC at an average price of $98,529 per coin, while Hut 8 acquired 990 BTC for $100 million. These investments followed a market decline caused by a US Fed...
Bitcoin mining giants Marathon Digital Holdings and Hut 8 have taken advantage of Bitcoin's recent correction by making multi-billion-dollar investments in the flagship cryptocurrency. The companies announced purchases totaling over 16,000 BTC for $1.6 billion, equivalent to 37 days of Bitcoin issuance. Marathon led the way by purchasing 15,574 BTC at an average price of $98,529 per coin, investing approximately $1.53 billion. This addition increased the company’s Bitcoin holdings to 44,394 BTC, worth $4.45 billion at the current spot price of $100,151. Meanwhile, Hut 8 acquired 990 BTC for $100 million, paying an average of $101,710 per Bitcoin. These investments followed a market decline caused by a US Federal Reserve rate adjustment, with Bitcoin’s value dropping by more than 5%. Marathon is now the second-largest publicly traded Bitcoin holder, while Hut 8's total Bitcoin reserves stand at 10,096 BTC, making it the fourth public company to hold more than 10,000 Bitcoin on its balance sheet. These investments signify a significant financial move in Bitcoin during a market downturn, showcasing confidence in the long-term potential of the cryptocurrency despite short-term fluctuations.