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Marathon Digital bought 400 Bitcoins worth 46 million dollars during the wave

Last week's market sell-off.

Thanks to this purchase, its total holdings increased to 52,850 Bitcoins, valued at approximately 6.1 billion dollars.

Marathon Digital Holdings, a giant in Bitcoin mining, seized the opportunity of last week's market downturn to significantly increase its cryptocurrency holdings. The publicly traded company purchased 400 Bitcoins worth nearly 46 million U.S. dollars as prices were falling, demonstrating the company's confidence in the market despite the prevailing uncertainty and volatility. Data from Arkham Intelligence's supply chain tracking confirmed that the transaction took place on the FalconX platform, one of the largest institutional cryptocurrency brokerage firms serving major investors.

Strategic accumulation amid market turmoil

Thanks to the latest acquisition made by Marathon, the total amount of Bitcoin held by the company has reached approximately 52,850 Bitcoin, valued at nearly 6.1 billion US dollars at current market prices. This acquisition came on Monday morning following the sharp decline in Bitcoin's price on Friday, which recorded a decrease of nearly 13% in one trading hour. The market disruptions were a result of escalating trade tensions between the United States and China, leading to a risk-off sentiment in the global financial market.

It seems that a Bitcoin mining company is playing an old game of storing digital currencies during price adjustments and declines. Marathon has made a deal with its two custodial companies, Anchorage Digital and Falcon X, which are favored by institutional investors looking for secure infrastructure for trading digital currencies.

Blockchain analyst, Luke Chen, was the first to spot the trading activity on-chain, posting his findings on social media, indicating that Marathon is following an aggressive accumulation strategy to cope with volatility.

The mining company is currently working on expanding its operations as part of developing its reserves, having already produced 218 blocks in September, with a monthly growth rate of 5%. The global hash rate increased by 9% month-over-month, reaching an average of 1031 exahashes per second.

Bitcoin is currently trading at an average of 114,800 US dollars, up 3% over the last 24 hours, although it has partially recovered after its collapse on Friday. However, analysts warn that the inability to surpass long-term resistance levels could push prices towards the psychological support area at 100,000 US dollars. Marathon has not commented on the deal, but its on-chain records strongly indicate that the purchase was made as the market situation deteriorated.