Marathon Digital Adds 400 BTC in $46 Million Buy Amid Post-Selloff Recovery

Marathon Digital Holdings (NASDAQ: MARA) has added another 400 Bitcoin (BTC), worth approximately $46.3 million, to its corporate treasury, according to on-chain data tracked by analytics firm Lookonchain and cross‑verified with Arkham Intelligence.

The purchase, executed through institutional trading platform FalconX, brings Marathon’s total Bitcoin reserve to about 53,250 BTC, valued at over $6.1 billion based on current market prices. This solidifies the Bitcoin miner’s position as the second-largest corporate holder of BTC, behind Strategy, which remains the industry leader with more than 640,000 BTC.

FalconX’s institutional liquidity infrastructure is designed to handle high‑volume transactions efficiently, enabling Marathon to execute its latest acquisition amid volatile market conditions with minimal price slippage.

Buying the dip: Marathon leverages volatility

The timing of the acquisition coincides with a sharp market downturn on Friday, when fears of escalating U.S.–China trade tensions triggered a global sell‑off. The total cryptocurrency market capitalization briefly fell from $4.2 trillion to below $3.8 trillion, while Bitcoin slipped under $103,000, marking multi‑month lows.

The market began recovering after U.S. President Donald Trump downplayed tariff concerns, saying that investors should “not worry about China,” which was widely interpreted as a conciliatory signal. Following those remarks, Bitcoin rebounded to an intraday high of $115,792, advancing roughly 3% over the past 24 hours at the time of publication.

Market analysts say Marathon’s move reflects confidence in Bitcoin’s resilience during macroeconomic uncertainty. Data from Arkham Intelligence suggests the BTC purchase was made via Marathon’s wallet address “3MYao”, signaling deliberate strategic execution during the recovery phase.

Funded through $850 million convertible notes

Marathon recently raised $850 million through a private offering of zero‑coupon convertible notes due in 2032. According to the company’s August filing, the majority of the proceeds are earmarked for strategic Bitcoin acquisitions, with a smaller portion allocated to retiring existing debt.

These notes, intended for institutional investors, feature flexible conversion terms tied to MARA’s stock performance. The miner also reported strong fundamentals in its latest earnings release, noting that second‑quarter revenue rose 64% year‑over‑year.

MARA’s shares closed at $18.64 on October 10, down 7.75% from the week’s high of $20.20, reflecting overall market weakness amid last week’s sell‑off, according to Google Finance data.

Operational update: hashrate growth and production

In September, Marathon mined 218 Bitcoin blocks, up about 5% month‑over‑month, even as the global hashrate rose 9% to 1,031 EH/s, according to internal operational metrics. The company’s consistent output amid climbing network difficulty underscores its growing infrastructure efficiency.

Lead Market Analyst Pav Hundal of Swyftx said that Marathon’s latest purchase “shows the firm is looking at the geo‑economics and betting on renewed upside, as inflation forecasts are softening and global demand pressures are easing.”

Hundal added that last week’s massive deleveraging was “the largest liquidation event in crypto history,” wiping out roughly $19 billion in open positions, but noted that “longer‑term holders and corporates like MARA appear to treat these resets as accumulation opportunities.”

Market outlook

At press time, Bitcoin traded near $114,800, up about 3% in the past 24 hours, recovering alongside global risk assets, according to CoinGecko data. Technical analysts warned, however, that BTC’s inability to hold above its long‑term resistance line from the 2017 and 2021 peaks may open a path to retest the $100,000 level if macro conditions worsen.

Despite short‑term uncertainty, institutional accumulation patterns remain robust, suggesting continued confidence in Bitcoin’s long‑term trajectory.

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