Marathon Patent Group came up with the announcement that it bought 4813 bitcoins with a $150 million deal. The firm is joining with the expanding list of companies to hold bitcoin in their treasuries.
Merrick Okamoto, the chairman, and chief executive officer of Marathon, said that the Nasdaq firm is purchasing bitcoin as a reserve asset.
“We…believe that holding part of our treasury reserves in bitcoin will be a better long-term strategy than holding US dollars, similar to other forward-thinking companies like Microstrategy,” said Okamoto, in a statement.
With the purchase of $150 million for bitcoins, they are accelerating the process of developing Marathon. They believe that this is the de facto investment of choice for individuals and institutions who need exposure.
Marathon is involved in BTC mining while paying an average of $31135 for each bitcoin. The deal got executed by the crypto-financial services firm called the New York Digital Investment Group.
The bitcoin price is surging below $30000 from last week and bouncing back between $32000-$34000. At this time, the BTC is trading near a $32k handle per unit.
Marathon earlier this month raised $250 million with an equity round. However, it was not used for buying BTC. Okamoto revealed that the internal cash resource is amounting to $425 as per the report.
Marathon is producing up to 2 bitcoins per day, which is now looking to grow with the purchase of advanced bitcoin miners. Okamoto says that the miners are expecting to be fully installed by next year.
“If all miners were operational today, based on the bitcoin network’s current difficulty rate, we would produce approximately 55 to 60 bitcoins per day,” he stated. “However, 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.”