Bitcoin mining giant Marathon Digital Holdings (MARA) has once again captured attention with its aggressive Bitcoin acquisition strategy. According to blockchain analytics platform Lookonchain, Marathon purchased 1,300 BTC worth approximately $130.66 million in just seven hours. This bold move comes amid a volatile market where Bitcoin prices are struggling to reclaim the $100,000 milestone.
Marathon Doubles Down on Bitcoin
Marathon Digital has been on a buying spree, signaling its confidence in Bitcoin’s long-term potential. This recent acquisition of 1,300 BTC follows a similar purchase earlier in the week, where the company secured 1,423 BTC valued at roughly $139.5 million.
Marathon Digital(@MARAHoldings) acquired another 1,300 $BTC($130.66M) in the past 7 hours!https://t.co/etgIlc5fdz pic.twitter.com/NFwT5huRfB
— Lookonchain (@lookonchain) December 7, 2024
These back-to-back purchases show how committed Marathon is to growing its Bitcoin holdings, even as the market faces short-term price fluctuations.
The company has been raising funds to fuel these buys. Recently, it secured $850 million through a convertible note offering. Marathon plans to use this money to buy more Bitcoin and manage some of its debts. This strategic approach follows the MicroStrategy Bitcoin buying plan.
Whales and Big Players Backing Bitcoin
Meanwhile, Marathon isn’t the only one investing big in Bitcoin. On-chain data shows that large investors have been buying Bitcoin during recent price dips. In the past 24 hours alone, whales purchased 20,000 BTC worth $2 billion after prices briefly fell to $96,000.
Additionally, institutional interest in Bitcoin remains strong as spot Bitcoin ETFs are seeing a steady flow of investments. BlackRock’s iShares Bitcoin Trust (IBIT), for example, hit $50 billion in assets under management recently, showing just how much trust big players have in Bitcoin.
What Next For Bitcoin?
Bitcoin has been holding strong, bouncing back from the $96,000 support level to trade near $99,776, up 1.17% in the past 24 hours. In addition to its price CoinGlass data, BTC Futures Open Interest experienced a 0.68% slight surge over 24 hours, standing at $61.61 billion.
However, a slight rebound has been observed in the short term. While trading volumes have dipped, the influx of institutional capital and whale activity suggests that Bitcoin’s rally may still have room to grow.
