Bitcoin mining giants Marathon Digital Holdings and Hut8 have taken advantage of Bitcoin's recent correction by making multibillion-dollar investments in the flagship cryptocurrency.
On December 19, the two companies announced that they would purchase over 16,000 BTC, equivalent to 37 days of Bitcoin issuance, for $1.6 billion.
Marathon led the way by purchasing 15,574 BTC at an average price of $98,529 per coin, investing approximately $1.53 billion. This addition increases the company's Bitcoin holdings to 44,394 BTC, worth $4.45 billion at the current spot price of $100,151.
Marathon is the second largest publicly traded Bitcoin holder after MicroStrategy, which holds 439,000 BTC.
Meanwhile, Hut 8 acquired 990 BTC for $100 million, paying an average of $101,710 per Bitcoin. This transaction increased Hut 8's total Bitcoin reserves to 10,096 BTC. The company currently holds more Bitcoin than Tesla, making it the fourth publicly traded company to hold more than 10,000 Bitcoin on its balance sheet.
These investments were made following a sharp market decline caused by the US Federal Reserve's interest rate adjustments. Bitcoin's value fell more than 5%, hitting a low of $96,781 before recovering to $98,750, according to data from CryptoSlate.
