Marathon Digital Holdings (NASDAQ: MARA) appears to have taken advantage of Friday’s market turmoil to load up on bitcoin. according to data selected by Arkham Intelligence.
Marathon Digital Holdings, which owns about 52,850 BTC (worth about $6.06 billion), purchased an additional 400 BTC valued at about $45.9 million through FalconX early Monday morning, according to Arkham Intelligence data tracked by the blockchain sleuth. look chain.
MARA’s move suggests that companies and miners are once again accumulating BTC in volatility, similar to patterns seen in previous market resets. The miner produced 218 blocks in September, a 5% increase from August, as the global hash rate grew 9% month over month to an average of 1,031 EH/s.
CoinDesk contacted MARA for official confirmation.
Bitcoin plummeted nearly 13% in an hour on Friday after renewed tariff threats between the United States and China sparked a global wave of risk aversion, wiping out around $65 billion in open interest, although some market players suggest the real culprit for the drop was Binance, with internal errors causing the assets to become decoupled.
At the time of writing, bitcoin was trading near $114,800, up about 3% in the past 24 hours as trade war tensions between Washington and Beijing ease.
BTC’s failure to sustain gains above the long-term resistance trendline from the 2017 and 2021 highs could open the door to a retest of $100,000, according to CoinDesk analysts.
