Marathon Digital Holdings, Inc. is eyeing another Bitcoin (BTC) selloff after it sold 704 BTC, which is 38% of its December production, to cover operating expenses. With a total of 15,174 BTC in its holdings and significant cash reserves, the company maintains a focus on enhancing liquidity in anticipation of the next Bitcoin network halving.
Marathon’s December BTC Production
In a recent release, the company announced that it achieved record BTC production in December, mining 1,853 BTC, marking a substantial 56% increase from November 2023 and an impressive 290% surge year-over-year. Out of this, 704 BTC tokens were sold in December 2023 to cover operating expenses. Considering the average BTC closing price of $42,546 in December 2023, the sale value shouldn’t be less than $30 million.
As Marathon prepares for another BTC selloff, it is expected to close the acquisition of two sites from Generate Capital in January 2024 for approximately $178.6 million. Marathon’s Chairman and C
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