Marathon Patent Group Invested 150 Million Dollars in Bitcoin
On Jan 26, 2021
Nevada-based crypto mining company Marathon Patent Group purchased 4,812.66 BTC as part of the company’s treasury reserves at an aggregate purchase price of $ 150 million.
On Monday, Nasdaq-listed Marathon Patent Group announced that it had purchased 4,813 Bitcoin (BTC) worth about $ 150 million. According to the news in The Block, Marathon CEO Merric Okamoto said that the investment is part of the company’s treasury funds.
For now, Marathon Patent Group is seen as the last of the institutional investment influx that started in 2020. Shortly before this one, MicroStrategy made a buy the dip’ with $10 million. With this investment, Marathon joined Grayscale and MicroStrategy, the biggest buyers of the current days. Continuation of BTC purchases in 2021 indicates that the adoption of Bitcoin will increase further.
The Bitcoin mining company is buying Bitcoin (BTC) for the first time. The Marathon company significantly expanded its operations last year, intending to become North America’s largest Bitcoin mining firm. Okamoto said the following about the recent investment:
“By leveraging our cash on hand to invest in bitcoin now, we have transformed our potential to be a pure-play investment into a reality,” said Okamoto. “We also believe that holding part of our treasury reserves in bitcoin will be a better long-term strategy than holding U.S. dollars, similar to other forward-thinking companies like MicroStrategy.”
Merrick Okamoto, the company’s CEO, stated that they offer a good option for investors who want to buy a new asset class. The transaction was carried out through cryptocurrency financial services firm NYDIG. The company purchased 4,813 units of BTC at $ 31,135 per unit on January 21.
Buys BTC From the Market for the First Time
Marathon Patent Group (MARA) has been mining Bitcoin since late 2017. Okamoto said it currently has 2,560 BTC miners producing about 1.5 to 2 BTC per day and that Marathon expects to have more than 100,000 miners soon.
Marathon recently ordered 100,500 advanced S19 miners from Bitmain for about $ 270 million to expand its operations. The CEO said he believes this will take the hash rate capacity and make the company the world’s largest BTC miner.
Marathon‘s share rose 892% last year, and MicroStrategy’s shares rose 166% compared to Bitcoin’s gain of about 300% in the year. When asked if Marathon will invest more in Bitcoin, according to The Block, Okamoto said, “to be determined.”
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