MARA Grows Bitcoin Portfolio with Latest 1,300 BTC Purchase
- Marathon Digital acquired 1,300 BTC worth $130.66 million, continuing its bullish Bitcoin strategy.
- Bitcoins market cap now exceeds $2 trillion.
Bitcoin (BTC) is holding steady above $99,000 despite market fluctuations, and institutional players like Marathon Digital Holdings (MARA) remain committed to the cryptocurrency. Marathon has shown strong confidence in Bitcoins future, further evidenced by its recent purchase of 1,300 BTC, worth approximately $130.66 million.
Marathon Digital(@MARAHoldings) acquired another 1,300 $BTC($130.66M) in the past 7 hours!https://t.co/etgIlc5fdz pic.twitter.com/NFwT5huRfB
Lookonchain (@lookonchain) December 7, 2024
This acquisition follows a similar purchase earlier this week, continuing the companys aggressive Bitcoin buying strategy. The latest data from Arkham confirms the continuous accumulation by Marathon, which recently acquired over $130 million in Bitcoin.
This move comes after the company successfully closed a $850 million convertible note offering. The funds raised will accelerate its Bitcoin acquisition plan, as well as repurchase existing notes maturing in 2026. Marathons consistent buying behavior highlights its unwavering belief in the long-term value of Bitcoin.
Bitcoin in Current Market
Bitcoins market cap is now nearing $2 trillion, reinforcing its status as the seventh-largest asset globally. With a 1.38% increase in the past 24 hours, Bitcoin is trading at $99,646.29. Whale activity remains strong, with 20,000 BTC purchased in the same period, valued at $2 billion. These large purchases indicate sustained institutional interest, despite the volatility in Bitcoins price.
Additionally, Bitcoins spot ETFs reported significant inflows of $377 million on December 6, further fueling the cryptocurrencys bullish momentum. These ETF inflows, combined with whale activity, are contributing to Bitcoins rise in market cap and price. While resistance is expected around $105,000, breaking through this level could pave the way for Bitcoin to reach $112,000.
Marathons strategic acquisitions and the continued support from institutional investors underscore the growing confidence in Bitcoin, even as the asset faces resistance. The current market environment points to a sustained bullish outlook for Bitcoin, with Marathon at the forefront of institutional accumulation.
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Read more: https://thenewscrypto.com/mara-grows-bitcoin-portfolio-with-latest-1300-btc-purchase/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
