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

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. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io