Time to Buy Bitcoin? MARA Acquires $1.1 Billion in BTC
Chandan Gupta10 Dec 20242 min read
A leading Bitcoin (BTC) mining firm, Marathon Digital Holdings (MARA), has acquired a significant 11,774 BTC for $1.1 billion, as reported by MARA on X (formerly Twitter). MARA made these purchases during a recent market dip, acquiring BTC at an average cost of $96,000 each.
MARA’s Bitcoin Holding
With this notable BTC acquisition, MARA’s total Bitcoin holdings have soared to 40,435 BTC. Additionally, the firm has achieved a BTC yield of 12.3% quarter-to-date (QTD) and 47.6% year-to-date (YTD) so far. To fund this significant acquisition, MARA issued zero-coupon convertible notes, a type of loan that can later be converted into company shares.
This post on X has garnered massive attention from the crypto community, with Michael Saylor, the founder and chairman of MicroStrategy (MSTR), reposting it while highlighting MARA’s BTC yield of 47.6% YTD. Notably, this significant acquisition follows MicroStrategy’s recent purchase of 21,550 BTC for $2.1 billion on December 9, 2024.
These massive acquisitions by industry giants like MARA and MSTR suggest a strategic “buy-the-dip” technique.
Bitcoin (BTC) Current Price Momentum
Currently, BTC is trading over 6% below its recent all-time high. At press time, BTC is trading near $97,780 and has experienced a price decline of over 1.25% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating heightened participation from traders and investors amid the recent price drop.
Expert Views on BTC
Some experts on X have shared their opinions, suggesting that the current market conditions represent a discount, making it an ideal time to buy cryptocurrencies.
However, BTC is currently positioned at a crucial support level of an ascending trendline, signaling a potential buying opportunity.
Historically, whenever the asset’s price comes to this level, it tends to experience significant buying pressure and upward momentum. Experts and analysts anticipate a similar bullish move in the near future based on this historical pattern.
