TLDR
- Marathon Digital bought 400 BTC worth $45.9 million through FalconX on Monday after Friday’s market crash
- The purchase increases Marathon’s bitcoin treasury to over 53,000 BTC valued at more than $6 billion
- Bitcoin fell 13% on Friday due to U.S.-China trade tensions before recovering to $114,800
- Marathon mined 218 blocks in September, up 5% from August, as global hashrate hit 1,031 EH/s
- The company’s Q2 revenue reached $238 million, up 64% year-over-year, beating analyst expectations
Marathon Digital Holdings made a strategic move on Monday by purchasing 400 bitcoin during the market recovery. The transaction was valued at approximately $45.9 million.
According to blockchain data from Arkham Intelligence, the bitcoin mining company executed the purchase through FalconX. The data was first spotted by blockchain analyst Lookonchain.
This latest acquisition brings Marathon’s total bitcoin holdings to over 53,000 BTC. At current market prices, the company’s bitcoin treasury is worth more than $6 billion.
The purchase timing followed a sharp market downturn on Friday. Bitcoin prices plunged nearly 13% within an hour after U.S.-China tariff tensions intensified.
The Friday selloff erased roughly $65 billion in open interest across crypto markets. Bitcoin has since bounced back to trade around $114,800, posting a 3% gain over 24 hours.
Mining Performance Shows Growth
Marathon’s mining operations have shown consistent growth through recent months. The company mined 218 blocks during September, marking a 5% increase from August.
During the same period, global bitcoin hashrate climbed 9% month-over-month. The network hashrate averaged 1,031 EH/s in September.
Marathon delivered strong financial results in the second quarter. The company reported $238 million in revenue, representing a 64% increase year-over-year.
By June’s end, Marathon held 49,951 BTC. This marked a 170% increase compared to the previous year, with holdings valued at $5.3 billion at that time.
Company Expands Beyond Mining
Marathon has been diversifying its business operations beyond traditional bitcoin mining. The company recently formed partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI.
These partnerships focus on building energy-efficient infrastructure for artificial intelligence and data centers. CEO Fred Thiel outlined plans to scale operations to 75 EH/s by year-end 2025.
The company describes itself as more than just a bitcoin treasury operation. Marathon emphasizes its vertically integrated mining operations and early AI infrastructure investments.
Marathon’s stock price experienced volatility last week. Shares dropped 9.33% on October 10 before recovering slightly by 2.66%.
The stock currently trades at $19.13 according to market data. The decline came despite the company’s operational achievements and strategic expansion efforts.
Mixed options sentiment appears to have influenced the stock movement. This overshadowed positive developments in Marathon’s mining performance and partnership announcements.
The bitcoin purchase demonstrates Marathon’s continued commitment to accumulating digital assets. The company joins other corporate holders in buying during market weakness.
The purchase pattern mirrors behavior seen from institutional buyers during previous market corrections. Corporate bitcoin accumulation often increases during periods of price volatility.
Marathon’s total bitcoin holdings now position it as one of the largest corporate bitcoin holders globally. The company continues to balance mining operations with treasury management strategies.
