Leading Bitcoin mining company Mara Holdings increased its Bitcoin portfolio by buying an additional 6,674 BTC. The new Bitcoin acquisition by the company is valued at $615 million at an average price of $95,395.
Mara Holdings now holds a whopping 34,794 BTC valued at over $3.3 billion. The Bitcoin mining company remains the second largest corporate holder of Bitcoin trailing only Microstrategy.
The new acquisition was timed when Bitcoin dipped recently after rising as high as $99,000 in recent weeks. The Mining company bought the dip while believing in the long-term potential of Bitcoin despite its recent slump.
Since the acquisition, Bitcoin has recovered exchanging hands for $96,621 at the time of report.
Despite the price correction, Mara Holdings’ acquisition signals institutional investors’ confidence in the crypto asset and its long-term potential to turn a profit.
Mara Holdings’ latest acquisition was shared by Axel Adler, a verified author at Crypto Quant explaining the details of the acquisition and the effect on the stock price of the company.
“ MARA Holdings, Inc. (MARA), a Bitcoin miner, acquired 6,474 BTC ($615M) after a $1B raise, bringing holdings to 34,794 BTC ($3.3B). Avg. purchase price: $95,395. The stock rose 7.81% in 24 hours.” Axel tweeted.
Mara Holdings’ new BTC tally hits 34,794 BTC with a valuation of $3.3 billion. The recent acquisition by the firm was done at an average cost of $95,395.
Mara Holdings stock surged by 7.81% following the acquisition. The company stock is currently trading at $26.92
Heavy institutional investment in Bitcoin from corporate firms like Microstrategy and Mara Holdings is great for the price of crypto assets. They invite a lot of cash inflow into the crypto market and add to the entire credibility of the industry.
Bitcoin Price Analysis
Bitcoin recovered from a recent slump that saw the crypto asset nearly touch the $90,000 price level. At the time of this report, Bitcoin is exchanging hands for $96,799 surging by 1.9% in the last 24 hours with a maximum price of $96,782 and a minimum price of $94,727.
The crypto asset is currently 3.1 % down from its all-time high of $99,645
What to Know
- Microstrategy remains the largest corporate holder of crypto with 386,700 BTC valued at $31.6 billion. The Business intelligence firm pivoted into Bitcoin during the Covid-19 lockdown and hasn’t looked back since. The firm plans to acquire more Bitcoin in the course of three years.
- Analysts expect Bitcoin to cross the $100,000 mark before the inauguration of Donald Trump.