Time to Buy Bitcoin? MARA Acquires $1.1 Billion in BTC
Leading Bitcoin (BTC) mining company Marathon Digital Holdings (MARA) acquired 11,774 BTC for $1.1 billion, MARA reported on X (formerly Twitter). MARA made these purchases during the recent market decline, purchasing BTC at an average price of $96,000 per ticket.
Bitcoin held by MARA
With this high-profile BTC acquisition, MARA’s total Bitcoin holdings have surged to 40,435 BTC. Additionally, the company’s BTC yields so far this quarter are 12.3% quarter-to-date (QTD) and year-to-date (YTD) at 47.6%. To fund this major acquisition, MARA issued zero-coupon convertible notes, a type of loan that could later be converted into company stock.
The post on Notably, prior to this major acquisition, MicroStrategy recently purchased 21,550 BTC for $2.1 billion on December 9, 2024.
Large-scale acquisitions by industry giants such as MARA and MSTR demonstrate a strategic “buy the dip” technique.
Bitcoin (BTC) Current Price Momentum
Currently, BTC is trading more than 6% below its recent all-time highs. As of press time, BTC was trading close to $97,780, with the price falling by more than 1.25% in the past 24 hours. During the same period, its trading volume surged 70%, indicating increased participation from traders and investors amid the recent price decline.
What experts say about Bitcoin
Several experts on X have shared their opinion that current market conditions represent a discount, making it an ideal time to buy cryptocurrencies.
However, Bitcoin is currently sitting at key support at the uptrend line, signaling a potential buying opportunity.
Historically, whenever an asset price reaches this level, it tends to experience significant buying pressure and upward momentum. Based on this historical pattern, experts and analysts expect a similar bullish move in the near future.
