Valentin Fournier, principal analyst at BRN, said that in addition to accumulating mining rewards, mining companies appear to be buying bitcoin directly from the market to increase reserves. He added: "They triggered the HashRibbon signal, a long-term bullish indicator of the end of miner capitulation and the increase in processing power used to mine bitcoin." One of the miners involved in the massive bitcoin purchase is MARA, which recently changed its name from Marathon Digital and announced Thursday that it has purchased an additional $100 million worth of bitcoin.