Marathon Patent Group invested 150 million in bitcoin
Marathon Patent Group (MARA) has officially announced that it has invested $150 million in bitcoin.
The company is listed on the Nasdaq, and deals in digital asset technology by mining.
- It is one of the largest bitcoin mining companies in North America, and announced that it has purchased
- 4,812.66 BTC for a total of $150 million, at an average price of $31,167.80.
It is not the first company, and will certainly not be the last, that has decided to hold substantial cash reserves in BTC.
The purchase was made through NYDIG, a Bitcoin Investor technology financial services company dedicated to Bitcoin.
NYDIG provides institutions, banks and private clients with institutional investment, brokerage, custody and technology solutions such as secured custody, order execution, asset management, financing and research. It holds a BitLicense and a limited purpose trust charter from the New York State Department of Financial Services.
Marathon Patent Group and Bitcoin
Marathon president and CEO Merrick Okamoto said:
„By acquiring $150 million worth of Bitcoin, we have accelerated the process of transforming Marathon into what we believe to be the de facto investment choice for individuals and institutions seeking exposure to this new asset class. We also believe that holding a portion 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. To date, we have contracted to purchase 103,060 miners, which are currently expected to be fully delivered and deployed by the end of the first quarter of fiscal 2022. If all miners were operational today, based on the current bitcoin network difficulty rate, we would mine approximately 55-60 bitcoins per day. However, by leveraging our liquidity to invest in Bitcoin now, we have turned our potential to be a pure investment into reality. I would like to thank the entire NYDIG team for offering their unique products and services to public companies and for working with us to expedite this process and ensure that the transaction was done on the best possible terms for our business and our shareholders.“
NYDIG co-founder and CEO Robby Gutmann added
We deeply admire Marathon’s commitment to the Bitcoin ecosystem and are very pleased to add them to the list of companies using NYDIG as their institutional choice for Corporate Treasury Solutions. NYDIG is uniquely positioned to help companies overcome the challenges they face in executing and structuring the holding of large Bitcoin positions, and our ability to provide Marathon with a bespoke and customised solution, with rapid turnaround and no market impact, is why corporations and insurers choose NYDIG.