Hut 8 and Marathon Digital Acquire $1.63B in Bitcoin, Boosting Holdings to $5.45B

Dec 19, 2024, 01:12 PM

Bitcoin mining companies Hut 8 and Marathon Digital Holdings have significantly expanded their Bitcoin reserves with substantial purchases. Hut 8 acquired 990 bitcoins at an average price of $101,710 per bitcoin, investing approximately $100 million and bringing its total holdings to 10,096 bitcoins valued at over $1 billion. The company's average cost per bitcoin in its reserves is $24,484. This acquisition makes Hut 8 the fourth public company to hold over 10,000 bitcoins on its balance sheet. Marathon Digital Holdings raised $1.925 billion through the issuance of convertible notes to acquire 15,574 bitcoins for $1.53 billion at an average price of $98,529 per bitcoin. This purchase increased Marathon's total holdings to 44,394 bitcoins valued at $4.45 billion as of December 18, 2024. Both companies are bolstering their Bitcoin reserves amid market fluctuations.