A leading Bitcoin (BTC) mining firm, Marathon Digital Holdings (MARA), has acquired a significant 11,774 BTC for $1.1 billion, as reported by MARA on X (formerly Twitter). MARA made these purchases during a recent market dip, acquiring BTC at an average cost of $96,000 each.
With this notable BTC acquisition, MARA’s total Bitcoin holdings have soared to 40,435 BTC. Additionally, the firm has achieved a BTC yield of 12.3% quarter-to-date (QTD) and 47.6% year-to-date (YTD) so far. To fund this significant acquisition, MARA issued zero-coupon convertible notes, a type of loan that can later be converted into company shares.
This post on X has garnered massive attention from the crypto community, with Michael Saylor, the founder and chairman of MicroStrategy (MSTR), reposting it while highlighting MARA’s BTC yield of 47.6% YTD. Notably, this significant acquisition follows MicroStrategy’s recent purchase of 21,550 BTC for $2.1 billion on December 9, 2024.
These massive acquisitions by industry giants like MARA and MSTR suggest a strategic “buy-the-dip” technique.
Currently, BTC is trading over 6% below its recent all-time high. At press time, BTC is trading near $97,780 and has experienced a price decline of over 1.25% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating heightened participation from traders and investors amid the recent price drop.
Some experts on X have shared their opinions, suggesting that the current market conditions represent a discount, making it an ideal time to buy cryptocurrencies.
However, BTC is currently positioned at a crucial support level of an ascending trendline, signaling a potential buying opportunity.
Historically, whenever the asset’s price comes to this level, it tends to experience significant buying pressure and upward momentum. Experts and analysts anticipate a similar bullish move in the near future based on this historical pattern.
The significant cash inflows to the TON network from institutional investors will bolster bullish sentiment.…
The rising demand for memecoins amid anticipated altseason has helped Pepe price regain bullish sentiment.…
The wait for a spot XRP ETF is far from over, but there’s now a…
The UK is stepping up its crypto game — with clear rules, bold reforms, and…
Wall Street analysts project that the U.S. SEC will approve a bunch of spot crypto…
Ethereum's price has been going up due to the rising buying pressure following overall market…
