HomeCryptoBitcoinMarathon Patent Group has invested $150 million in bitcoin

Marathon Patent Group has 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 is involved in digital asset technology by means of 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 a substantial portion of its reserves in BTC. 

The purchase was made through NYDIG, a technology and 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

The Chairman and CEO of Marathon, Merrick Okamoto, said:

“By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class. We also 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. To date, we have contracted to purchase 103,060 miners, all of which are currently expected to be delivered and fully deployed by the end of the first quarter of fiscal 2022. If all miners were operational today, based on the Bitcoin network’s current difficulty rate, we would produce approximately 55-60 bitcoins per day. 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. I would like to thank the entire NYDIG team for offering their unique products and services for public companies, and for working with us to expedite this process and ensure the transaction was made on the best possible terms for our business and our shareholders”.

The co-founder and CEO of NYDIG, Robby Gutmann, added: 

“We deeply admire Marathon’s commitment to the Bitcoin ecosystem, and we are very pleased to add them to the list of companies who utilize NYDIG as the institutional choice for Corporate Treasury Solutions. NYDIG is uniquely positioned to help corporations navigate the challenges they face around executing and structuring the holding of large Bitcoin positions, and our ability to deliver Marathon a tailored and custom solution, with a quick turnaround, and no market impact, is why corporations and insurance companies choose NYDIG”.

 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
RELATED ARTICLES

MOST POPULARS

GoldBrick