Appetite to buy more Bitcoin (BTC) among Mining companies is reaching new levels after the currency broke the $100,000 barrier. This is reflected in the statements made by a couple of them, in which they announced that they will be acquiring more bitcoin.
First of all, there is Hut 8, which, through a press release, announced several of the financial strategies it will be using. Among them is the sale of common shares, from which they could raise up to USD 500 million.
The funds obtained from said sale have several objectives, among which highlights the purchase of bitcoin as a strategic reserve asset. In addition, Hut 8 is also looking to invest in infrastructure that allows it to increase its mining power efficiently.
“These tools support a robust and integrated investment strategy, which reinforces our proactive approach to treasury management”
Asher Genoot, CEO of Hut 8
Second, Marathon Digital Holdings, also known as MARA Holdings, is one of the companies in Bitcoin mining of greater relevance on a global scale. According to their website, they currently have 16 data centers capable of generating 46.1 EH/s of mining power.
MARA’s bitcoin holdings are equivalent to about $2 billion. Source: Arkm.
Although it is one of the largest producers of BTC, Marathon is also advertisement your intention to acquire more bitcoin. In fact, according to the data analysis platform Lookonchain, MARA bought 1,423 BTC on December 5 with an investment of around USD 140 million.
In the case of Marathon Digital Holdings, the strategy they used to finance their purchases of bitcoin was the sale of convertible notes. After the closing of its second offering of these instruments, the company obtained USD 850 million that it would use, in addition to the purchase of BTC, in the repurchase of existing convertible notes that mature in 2026 and in what they called “strategic acquisitions.”
According to data of Arkham Intelligence, Marathon Digital Holdings has a total of 19.98 bitcoins in its funds. A figure equivalent to about USD 2 billion.
What is driving these mining companies to buy more bitcoin?
The intention to purchase BTC by the companies that mine this asset may be motivated by the rise in its price in the market. Last Wednesday night, December 4 bitcoin exceeded USD 100,000 for the first time in its history.
Beyond the new milestone reached by bitcoin, many analysts maintain bullish expectations for this currency. CriptoNoticias reviewed in a article recent that the Spanish trader Pablo Gil believes that BTC could reach a price target of USD 140,000 in this bullish cycle.
For his part, businessman Michael Saylor commented in an interview that he sees bitcoin over USD 180,000. In the longer term, Dan Morehead commented that it would not be unusual to see BTC hovering around USD 740,000 by 2028.
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