Bitcoin Miner Marathon Digital Adds $130M in BTC Amid Market Surge
Marathon Digital (MARA), one of the largest Bitcoin miners, has made waves in the cryptocurrency market with its latest Bitcoin acquisition.
The company recently purchased 1,300 BTC worth approximately $130.66 million, following a similar buy earlier this week of 1,423 BTC valued at $139.5 million.
This aggressive accumulation comes after Marathon successfully closed its second $850 million convertible note offering, aimed at bolstering its Bitcoin acquisition strategy and partially repurchasing notes set to mature in 2026. These moves highlight the company’s bullish stance on Bitcoin, even as the cryptocurrency trades near $100,000.
Marathon’s latest purchases reflect a broader trend of institutional interest in Bitcoin. With its holdings expanding rapidly, Marathon is positioning itself as a significant player in the growing institutional adoption of digital assets.
Bitcoin Price Nears ATH Amid Whale Buying
Bitcoin (BTC) has continued its upward trajectory, trading at $99,531, up over 1% on the day. After touching a 24-hour low of $97,629, the flagship cryptocurrency rebounded to a high of $102,039.88, signaling strong market interest.
Despite this rally, Bitcoin’s trading volume dipped by 32% to $93.57 billion, indicating cautious optimism among traders. Meanwhile, CoinGlass data revealed a 0.5% decline in BTC Futures Open Interest, standing at $61.25 billion. These metrics suggest that short-term consolidation may precede the next breakout.
Notably, Bitcoin whales have also been active, accumulating 20,000 BTC worth $2 billion since yesterday. Analysts view this buying spree as a sign of continued confidence in Bitcoin’s long-term value, bolstering expectations of a new all-time high (ATH) beyond $103,900, achieved earlier this week.
Institutional Interest Fuels Bitcoin’s Bullish Outlook
Marathon Digital’s BTC purchases underscore the growing role of institutions in driving cryptocurrency markets. With $130 million in new acquisitions and a robust buying plan fueled by convertible note offerings, Marathon is doubling down on its Bitcoin strategy.
In parallel, whale activity reflects a broader sentiment shift toward Bitcoin as a “store of value.” As institutions and large investors accumulate BTC, the cryptocurrency’s price momentum is expected to remain strong. Analysts predict that Bitcoin could surpass its current ATH and chart new highs in the coming weeks.
Key Highlights:
- Marathon Digital acquired 1,300 BTC worth $130.66 million, adding to this week’s earlier purchase of 1,423 BTC.
- Bitcoin traded at $99,531, nearing its ATH of $103,900, with whales accumulating 20,000 BTC.
- Institutional adoption and whale activity continue to drive bullish sentiment, pointing to further price gains.
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