The miners-turned-sellers trend continues: MARA sells $1.1B of $BTC in 6 weeks to fund AI data centers
"This may give us a hint, to some degree, as to why Bitcoin has been steadily selling off here for a little while."
"Bitcoin miner Marathon sold 13,597 Bitcoin for $1.1 billion in 6 weeks. Plans to sell more. MARA paid off every loan backed by its Bitcoin and says the rest of its coin can fund AI data centers."
"Marathon literally raised convertible debt just like Strategy to buy more Bitcoin, and have now completely reversed. They are sellers. They're closing out that debt, and they're using that money to fund AI data centers."
"That's going to become even more compelling for them in a world where Democrats are likely to push back against AI data center development because these Bitcoin miners already exist."
"I don't think this trend ends. And this is consistent selling pressure on Bitcoin."
"Seems that MARA found a Bitcoin use case that the bank understands here, which is just to sell Bitcoin and pay back the bank."
CC: @scottmelker on X
#BitcoinFiveWeeklyLosses
"This may give us a hint, to some degree, as to why Bitcoin has been steadily selling off here for a little while."
"Bitcoin miner Marathon sold 13,597 Bitcoin for $1.1 billion in 6 weeks. Plans to sell more. MARA paid off every loan backed by its Bitcoin and says the rest of its coin can fund AI data centers."
"Marathon literally raised convertible debt just like Strategy to buy more Bitcoin, and have now completely reversed. They are sellers. They're closing out that debt, and they're using that money to fund AI data centers."
"That's going to become even more compelling for them in a world where Democrats are likely to push back against AI data center development because these Bitcoin miners already exist."
"I don't think this trend ends. And this is consistent selling pressure on Bitcoin."
"Seems that MARA found a Bitcoin use case that the bank understands here, which is just to sell Bitcoin and pay back the bank."
CC: @scottmelker on X
#BitcoinFiveWeeklyLosses