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Hut 8 has bolstered its Bitcoin holdings to over $1 billion following a $100 million acquisition of approximately 990 BTC, bringing its total reserves to over 10,096 BTC. This strategic move positions Hut 8 among the top 10 corporate Bitcoin holders globally, as the company aims to enhance its financial position and shareholder returns through effective treasury management.
Marathon Digital Holdings and Hut 8 have made significant investments in Bitcoin, purchasing over 16,000 BTC for $1.6 billion during a market dip. Marathon acquired 15,574 BTC for approximately $1.53 billion, increasing its total holdings to 44,394 BTC, while Hut 8 bought 990 BTC for $100 million, raising its reserves to 10,096 BTC. These moves follow a sharp decline in Bitcoin's value, which dropped over 5% due to a US Federal Reserve rate adjustment.
MARA has acquired $1.5 billion in Bitcoin over the past two months, boosting its holdings to 44,394 BTC, a nearly 200% increase since the start of 2023. The purchases were financed through two convertible note offerings, raising $1.925 billion, with significant investments made at an average price of $98,529 per coin. Other miners, including Hut 8 and Riot Platforms, have also increased their Bitcoin acquisitions in December.
Bitcoin mining companies MARA and Hut 8 have significantly increased their Bitcoin holdings, with MARA purchasing a total of 15,574 BTC for approximately $1.53 billion, raising its treasury to 44,394 BTC valued at over $4.4 billion. Hut 8 added 990 BTC for about $100 million, bringing its total to 10,096 BTC. Both firms rank among the top six publicly traded companies by Bitcoin holdings, despite recent declines in their stock prices amid a broader market downturn.
MARA has acquired over $1.5 billion in Bitcoin in the past two months, significantly increasing its holdings by more than 50% this quarter and nearly 200% year-to-date. The company financed these purchases through two convertible note offerings, raising a total of $1.925 billion. As of December 18, MARA's Bitcoin holdings reached 44,394 BTC, valued at approximately $4.45 billion, with a yield of 22.5% this quarter.
Hut 8 has acquired 990 BTC at an average price of $101,710 per coin, increasing its total reserves to 10,096 BTC, valued over $1 billion, solidifying its status among the top ten Bitcoin holders globally. The company is also expanding its operations into AI and cloud computing with GPU-as-a-Service offerings, while rumors suggest a potential collaboration on a $12 billion AI data center project in Louisiana with Meta. Hut 8 continues to enhance its mining capabilities, aiming for increased efficiency and operational growth.
Hut 8 has surpassed $1 billion in Bitcoin holdings following a $100 million acquisition of 990 BTC at an average cost of $101,710 per coin. This purchase supports the company's strategy of enhancing its mining capabilities and positions BTC as a strategic reserve asset amid a favorable regulatory environment. CEO Asher Genoot emphasized that the strategic reserve is crucial for Hut 8's treasury strategy, aiming to grow holdings organically at a discount to market prices. The company is also addressing a class-action lawsuit from shareholders related to allegations of overstating profitability and operational issues.
Bitcoin miners have earned over $71 billion since the network's inception, yet this revenue represents only 3.57% of Bitcoin's peak $2 trillion market cap. Of the total earnings, $67.31 billion came from block subsidies and $4.18 billion from transaction fees, highlighting the miners' significant security contribution relative to their earnings. Despite the modest revenue share, the Bitcoin network's hash rate remains near all-time highs, indicating a robust future for the cryptocurrency.
Activist investor Starboard Value has acquired a significant stake in Bitcoin miner Riot Platforms, prompting a rise in its stock price. Starboard is advocating for Riot to shift some of its mining capacity towards hyperscalers, capitalizing on the growing demand from the AI sector. Riot has expressed its commitment to engaging with Starboard to enhance shareholder value.
Russian lawmaker Anton Tkachev has proposed creating a national Bitcoin reserve to bolster financial stability against sanctions and inflation. He argues that Bitcoin's decentralized nature makes it a reliable asset, comparable to traditional reserves, and highlights its potential for international trade amid limited access to global payment systems. This initiative aligns with a broader trend of countries exploring cryptocurrencies as alternative financial instruments.
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