- 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 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.
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Additionally, 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.
Bullish Trends for Bitcoin
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.
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