Investing.com - Financial Markets Worldwide
⚠ Selloff or Market Correction? Either Way, Here's What to Do Next!See Overvalued Stocks

Marathon Digital Becomes Second-Largest Corporate Bitcoin Holder

Published 07/12/2024, 10:17
Updated 07/12/2024, 15:15
Marathon Digital Becomes Second-Largest Corporate Bitcoin Holder
BTC/USD
-

Coin Edition -

  • Bitcoin miner Marathon has purchased 1,300 BTC for a total of $130.66 million.
  • The leading cryptocurrency dropped below the $100,000 price level.
  • Marathon also purchased 1,423 BTC worth $139.5 million on Friday.
The U.S.-based Bitcoin mining firm Marathon Digital (NASDAQ:MARA) has acquired an additional 1,300 BTC, following Bitcoin’s brief surge above the $100,000 price level before settling at $99,200 at the time of writing. The company now ranks as the second-largest corporate holder of Bitcoin, trailing only MicroStrategy, according to CoinGecko data.Data from blockchain analysis platform Lookonchain reveals that Marathon Digital purchased the 1,300 BTC for $130.66 million. Just days earlier, the company acquired 1,423 BTC for $139.5 million. Combined, these transactions amount to $270.12 million based on Bitcoin’s current price.

Marathon Digital’s Strategic Moves

In a December 2 filing with the U.S. Securities and Exchange Commission (SEC), Marathon disclosed that between October 1 and November 30, it purchased 6,484 BTC at an average price of $95,352 per coin, spending a total of $618.3 million.Read also: Altcoin Social Activity Spikes as Bitcoin Steadies at $98K—SOL and XRP LeadAdditionally, on December 4, Marathon confirmed the completion of an $850 million convertible note offering at 0% interest, stating its intent to continue investing in Bitcoin. Following this announcement, Bitcoin briefly surged past $100,000 but has since hovered near $99,000.Bitcoin’s growing adoption among U.S. corporations and states has been spurred by recent political shifts, including the election of Donald Trump as the next U.S. president. Ten states and several companies have announced plans to adopt Bitcoin as a strategic reserve asset. Demand for Bitcoin continues to rise, with U.S.-based Bitcoin exchange-traded funds (ETFs) emerging as major holders. BlackRock leads the sector with 521,375 BTC, cementing its dominance in the ETF market.Despite bullish sentiment, Bitcoin’s collective mining balances have decreased since April 2024, with a recent drop of 85,503 BTC in 48 hours. Blockchain analysis platform Santiment described this as a neutral indicator for prices, at least for now. The post Marathon Digital Becomes Second-Largest Corporate Bitcoin Holder appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.