Bitcoin Mining Giants Capitalize on Recent Correction
Multi-Billion-Dollar Investments in Flagship Cryptocurrency
Bitcoin mining giants Marathon Digital Holdings and Hut 8 have taken advantage of the recent correction in the cryptocurrency market by making significant investments in Bitcoin. On December 19, the companies announced purchases totaling over 16,000 BTC for $1.6 billion, equivalent to 37 days of Bitcoin issuance.
Marathon Digital Holdings
Marathon led the way by purchasing 15,574 BTC at an average price of $98,529 per coin, investing approximately $1.53 billion. This addition increased the company’s Bitcoin holdings to 44,394 BTC, worth $4.45 billion at the current spot price of $100,151. Marathon is now the second-largest publicly traded Bitcoin holder, behind only MicroStrategy, which holds 439,000 BTC.
Hut 8
Hut 8 acquired 990 BTC for $100 million, paying an average of $101,710 per Bitcoin. This transaction raised Hut 8’s total Bitcoin reserves to 10,096 BTC. The company now holds more Bitcoin than Tesla and is the fourth public company to hold more than 10,000 Bitcoin on its balance sheet.
Market Correction
These investments came on the heels of a sharp market decline spurred by a US Federal Reserve rate adjustment. Bitcoin’s value dropped by more than 5%, hitting a low of $96,781 before recovering to $98,750, according to CryptoSlate’s data.
Top Bitcoin Holding Companies
The following table provides a snapshot of the top Bitcoin holding companies:
| Company | Bitcoin Holdings | Market Value |
| — | — | — |
| MicroStrategy | 439,000 | $44.39 billion |
| Marathon Digital Holdings | 44,394 | $4.45 billion |
| Hut 8 | 10,096 | $1.01 billion |
| Tesla | 10,000 | $1.00 billion |
Conclusion
The recent correction in the cryptocurrency market has presented an opportunity for Bitcoin mining giants Marathon Digital Holdings and Hut 8 to increase their Bitcoin holdings. These investments demonstrate the companies’ confidence in the long-term potential of Bitcoin and their commitment to building a strong position in the market.
FAQs
Q: What is the total value of the Bitcoin purchases made by Marathon Digital Holdings and Hut 8?
A: The total value of the Bitcoin purchases is $1.6 billion.
Q: What is the average price per Bitcoin paid by Marathon Digital Holdings and Hut 8?
A: Marathon Digital Holdings paid an average of $98,529 per Bitcoin, while Hut 8 paid an average of $101,710 per Bitcoin.
Q: What is the current market value of Marathon Digital Holdings’ Bitcoin holdings?
A: The current market value of Marathon Digital Holdings’ Bitcoin holdings is $4.45 billion.
Q: What is the current market value of Hut 8’s Bitcoin holdings?
A: The current market value of Hut 8’s Bitcoin holdings is $1.01 billion.
Q: Which company holds more Bitcoin than Tesla?
A: Hut 8 holds more Bitcoin than Tesla.
