Bitcoin Mining Giants Invest Billions in Bitcoin Amid Market Correction
Bitcoin mining giants Marathon Digital Holdings and Hut 8 have taken advantage of Bitcoin’s recent correction by making significant investments in the leading cryptocurrency.
Marathon’s Multi-Billion Dollar Investment
- Marathon purchased 15,574 BTC at an average price of $98,529 per coin.
- The company invested approximately $1.53 billion in Bitcoin.
- Marathon now holds 44,394 BTC, valued at $4.45 billion.
With this purchase, Marathon solidifies its position as the second-largest publicly traded Bitcoin holder, trailing only MicroStrategy.
Hut 8’s Strategic Acquisition
- Hut 8 acquired 990 BTC for $100 million.
- The company paid an average of $101,710 per Bitcoin.
- Hut 8 now holds a total of 10,096 BTC.
Following this transaction, Hut 8 surpasses Tesla in Bitcoin holdings and becomes the fourth public company to hold over 10,000 BTC on its balance sheet.
Investments Amid Market Decline
These investments were made amidst a sharp market decline triggered by a US Federal Reserve rate adjustment. Bitcoin’s value dropped by more than 5%, reaching a low of $96,781 before rebounding to $98,750, according to CryptoSlate’s data.
