Key Takeaways
- MARA acquired 11,774 Bitcoin for $1.1 billion at an average price of $96,000.
- The miner now holds 40,435 BTC, worth $3.9 billion.
- Analysts warn Bitcoin could drop to $85,000 amid selling pressure.
Bitcoin mining company Marathon Digital Holdings (MARA) has acquired 11,774 Bitcoin for $1.1 billion, as disclosed in a recent SEC filing.
This purchase raises MARA’s total Bitcoin holdings to 40,435 BTC, valued at approximately $3.9 billion at current prices.
MARA obtained the Bitcoin at an average price of $96,000 per coin, using proceeds from its zero-coupon convertible notes offerings. The company reported a year-to-date (YTD) Bitcoin yield of 47.6% and a quarter-to-date (QTD) yield of 12.3%.
Michael Saylor, co-founder of MicroStrategy, commented on MARA’s achievement, highlighting its impressive YTD yield. MicroStrategy, the public company with the largest Bitcoin holdings, recently acquired 21,550 BTC for $2.1 billion, bringing its total to 423,650 BTC.
While institutional interest surges, Bitcoin’s price has remained stable around $97,000. Crypto analyst Ali Martinez warned that Bitcoin needs to stay above $96,000 to maintain its bullish momentum.
A potential drop to $85,000 remains a risk, as selling pressure increases. Over the past 24 hours, miners sold 771 BTC, and the Bhutan government also liquidated $40 million worth of Bitcoin while retaining 1,791 BTC.
MARA’s acquisition reinforces its position as the second-largest publicly traded holder of Bitcoin, trailing MicroStrategy by a significant margin.
