Bitcoin mining giants, Marathon Digital Holdings (MARA) and Hut 8 (HUT), have recently made significant investments in BTC amidst a market dip. On December 19, 2024, both companies took to X (formerly Twitter) to announce their billion-dollar purchases of Bitcoin. MARA Holdings revealed that they had acquired 15,574 BTC worth $1.53 billion, while Hut 8 purchased 990 BTC worth $100 million.
MARA Holdings purchased their Bitcoin at an average price of $98,529 per BTC, whereas Hut 8 acquired theirs at an average price of $101,710 per BTC. The announcement also mentioned that MARA raised $1.925 billion through a 0% convertible note to fund this substantial BTC purchase. With this latest acquisition, MARA Holdings now holds a total of 44,394 BTC, valued at approximately $4.45 billion. The firm has seen impressive BTC yields of 22.5% quarter-to-date (QTD) and 60.9% year-to-date (YTD).
Similarly, Hut 8’s strategic Bitcoin reserve now exceeds 10,000 BTC, worth over $1 billion, after their recent purchase. These investments come at a time when the BTC price had dropped by over 5%, but the buying activity from these mining giants has helped push the price back above $100,000.
As of now, BTC is trading near $102,390, with a 1.56% price decline in the past 24 hours. However, the trading volume has surged by 25%, indicating increased participation from traders and investors. This buying activity by U.S. publicly listed firms like MARA Holdings and Hut 8 mirrors previous significant BTC purchases by companies like MicroStrategy and Semler Scientific, showcasing a growing trend of adoption and interest in Bitcoin. Analysts believe that these ongoing accumulations could have a substantial impact on the BTC price in the near future.