Mining giants Marathon Digital Holdings and Hut 8 Mining have seized the opportunity presented by Bitcoin’s recent price correction, making significant multi-billion-dollar investments in the cryptocurrency.
Marathon Digital’s $1.53 Billion Investment
On December 19, Marathon Digital announced the purchase of 15,574 BTC at an average price of $98,529 per coin. This transaction, totaling $1.53 billion, boosted the company’s Bitcoin holdings to 44,394 BTC. With these assets valued at $4.45 billion at Bitcoin’s spot price of $100,151, Marathon secured its position as the second-largest publicly traded Bitcoin holder, trailing only MicroStrategy. MicroStrategy leads the field with 439,000 BTC in its reserves.
Hut 8 Mining Increases Bitcoin Reserves
Hut 8 Mining also joined the investment surge, acquiring 990 BTC for $100 million. The company paid an average of $101,710 per coin. This purchase elevated Hut 8’s total Bitcoin holdings to 10,096 BTC, placing it among an elite group of public companies holding over 10,000 BTC. Additionally, Hut 8 now surpasses Tesla in Bitcoin reserves.
Reaction to Market Decline
These strategic acquisitions were made following a market dip triggered by a U.S. Federal Reserve interest rate adjustment. Bitcoin’s price experienced a sharp 5% decline, reaching a low of $96,781 before recovering to $98,750, as reported by CryptoSlate.
Top Public Bitcoin Holders
The latest purchases by Marathon Digital and Hut 8 emphasize the growing trend of public companies increasing their Bitcoin reserves. Marathon’s holdings now rank second, while Hut 8’s recent acquisition places it fourth among firms holding significant amounts of Bitcoin on their balance sheets.
The post Marathon and Hut 8 scoop up $1.6 billion worth of Bitcoin during market dip appeared first on CryptoSlate.
