Marathon Digital buys $1.1B worth of bitcoin as companies scramble to scoop up coins

11,774

Marathon Digital said this morning that it has purchased another 11,774 bitcoin. The bitcoin miner paid about $1.1 billion for the coins, and said the most recent buy brings its total BTC stash up to 40,435 coins valued at $3.9 billion.

Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a… pic.twitter.com/2uvnrhbxaP
— MARA (@MARAHoldings) December 10, 2024

The announcement came a day after MicroStrategy — an enterprise-software business that’s basically become a de facto bitcoin-holding company — said it’d purchased another $2.1 billion worth of BTC, bringing the value of that company’s stockpile up to a staggering $41 billion.

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Crypto industry lifts on news of Iran ceasefire

News of a ceasefire between the US and Iran has sent cryptocurrencies and digital asset equities rallying, with privacy-focused token Zcash jumping 27% in the last 24 hours and leading market gains.

The price swing, which helped boost the total crypto market capitalization by 4.8% in the period, has resulted in $474.7 million in short positions liquidated worldwide, data from CoinGlass shows.

Since the ceasefire was announced:

Altcoins and memecoins including ethereum, XRP, trump and hype are in the black.
Ethereum treasury firms BitMine Immersion Technologies, SharpLink Gaming, and Bit Digital are up in early trading, as are solana treasury firms Upexi and DeFi Development Corp.
Circle, known for the second-largest stablecoin, USDC, and crypto liquidity provider Galaxy Digital, which is also developing its data center business, are both up on Wednesday morning.
Bitcoin treasury firms Strategy, Strive Inc., and American Bitcoin are catching a bid as bitcoin rises.
Crypto trading venues Coinbase and Robinhood have both benefited from rising crypto markets and general market risk-on sentiment.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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Bitcoin jumps to 3-week high on Iran ceasefire announcement

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