Bitcoin Miners Accumulate Cryptocurrency

In recent weeks, Bitcoin miners have been acquiring millions in Bitcoin as they adjust to the post-halving environment. Notable accumulators include MARA and Hut 8.

MARA’s Investment

MARA, formerly Marathon Digital, raised $1.925 billion through 0% convertible notes and acquired 15,574 BTC for approximately $1.53 billion, averaging about $98,529 per bitcoin. After repurchasing some existing convertible notes, MARA now holds 44,394 BTC valued at $4.45 billion at a spot price of $100,151 as of Dec. 18.

Hut 8’s Strategy

Hut 8, the eighth-largest public miner by market cap, announced it acquired 990 BTC for around $100 million, bringing its total to 10,096 BTC. This positions Hut 8 among the world’s top 10 corporate Bitcoin holders. CEO Asher Genoot emphasized that this strategic reserve supports their business growth.

Going Mainstream

Riot Platforms also increased its holdings to 17,429 BTC using a senior notes offering. Nathan McCauley of Anchorage Digital noted that mainstream companies are increasingly adopting Bitcoin as a reserve asset.

MicroStrategy purchased another 15,350 BTC for about $1.5 billion, raising its total to 439,000 BTC, worth over $45 billion. Founder Michael Saylor maintains that buying Bitcoin is always a good investment.

Analysts suggest smaller companies might follow MicroStrategy’s lead by leveraging excess cash for Bitcoin accumulation. As of now, Bitcoin prices have decreased by 3.3% to $100,220 in the last 24 hours.