- Marathon Digital acquired 6,484 BTC for $618.3M between October and November, solidifying its position as the second-largest corporate BTC holder.
- Bitcoin adoption grows as U.S. states and firms adopt it as a reserve asset; BlackRock leads ETFs with 521,375 BTC holdings.
- Mining balances dropped 85,503 BTC in 48 hours, but analysts see no immediate price impact, calling it a neutral market indicator.
Marathon Digital Holdings has cemented its position as a major player in the cryptocurrency market. The U.S.-based Bitcoin mining firm recently purchased 1,300 Bitcoin (BTC) for $130.66 million, capitalizing on Bitcoin’s brief surge past the $100,000 mark before settling near $99,200. This latest acquisition bolsters the company’s standing as the second-largest corporate holder of Bitcoin, trailing only MicroStrategy.
Strategic Investments Bolster Marathon’s Portfolio
Notably, data from Lookonchain highlights Marathon’s significant spending spree in recent months. Between October 1 and November 30, the company acquired 6,484 BTC at an average price of $95,352 per coin, amounting to $618.3 million.
More so, just days prior to its recent purchase, Marathon acquired 1,423 BTC for $139.5 million. These combined transactions represent a strategic allocation of $270.12 million, reflecting Marathon’s commitment to Bitcoin as a long-term asset.
Additionally, Marathon completed an $850 million convertible note offering at 0% interest on December 4. The company disclosed plans to use the proceeds to further invest in Bitcoin, signaling confidence in the asset’s potential despite its fluctuating price.
Corporate and State Adoption Gains Momentum
Furthermore, Bitcoin’s integration into corporate and governmental strategies has gained traction following political shifts in the U.S. With Donald Trump returning to office, several U.S. states and companies have announced plans to adopt Bitcoin as a reserve asset. This growing adoption underscores Bitcoin’s appeal as a hedge against economic uncertainties.
In addition, the trend extends to the U.S.-based Bitcoin exchange-traded funds (ETFs), where demand continues to rise. BlackRock leads the sector with 521,375 BTC under its management, reinforcing the increasing institutional interest in Bitcoin as a reliable asset class.
Mining Balances Decline Amid Institutional Growth
While corporate Bitcoin holdings have grown, mining balances have declined. Blockchain analysis platform Santiment reported an 85,503 BTC drop in collective mining balances within 48 hours.
However, this decline has not significantly impacted market sentiment. Santiment described the shift as a neutral indicator for prices in the short term.
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