BTC Mining Firm Marathon (MARA) Scoops Up 400 BTC After Price Crash, On-Chain Data Show

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coindesk
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2 hours ago


Marathon Digital Holdings (NASDAQ: MARA) appears to have taken advantage of Friday's market turmoil to load up on bitcoin (BTC), according to data curated by Arkham Intelligence.

Marathon Digital Holdings, which holds about 52,850 BTC (worth roughly $6.06 billion), purchased an additional 400 BTC valued at about $45.9 million through FalconX early Monday, according to Arkham Intelligence data tracked by blockchain sleuth Lookonchain.

MARA's move suggests that corporates and miners are once again accumulating BTC into volatility, similar to the patterns seen in prior market resets. The miner produced 218 blocks in September, a 5% increase over August, as global hashrate grew 9% month-over-month to an average of 1,031 EH/s.

CoinDesk reached out to MARA for official confirmation.

Bitcoin plunged nearly 13% within an hour on Friday after renewed U.S.–China tariff threats sparked a global risk-off wave, wiping out about $65 billion in open interest, although some market stakeholders suggest the real culprit in the crash was Binance, with internal errors causing assets to de-peg.

At the time of writing, bitcoin traded near $114,800, up about 3% in the past 24 hours as trade-war tensions ease between Washington and Beijing.

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.


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