Marathon Patent Group Inc. announced today that they have purchased 4,812.66 BTC in an aggregate purchase price of $150 million. This solidifies Marathon’s position as one of the only Nasdaq-listed, pure-play investment options for individuals and institutions seeking exposure to Bitcoin.
“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,” said Marathon’s CEO and Chairman Merrick Okamoto.
“We also believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy. Rather than holding US Dollars, similar to other forward-thinking companies like MicroStrategy.”
Okamoto continued on: “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. By leveraging our cash on hand to invest in Bitcoin. We now have transformed our potential to be a pure-play investment into a reality.
Marathon Patent Group Inc. worked with NYDIG, one of the leading technology and financial services firm dedicated to Bitcoin. To ensure the purchase was conducted effectively. NYDIG’s expertise allowed Marathon to execute the transaction as efficiently as possible.
“We deeply admire Marathon’s commitment to the Bitcoin ecosystem. We are very pleased to add them to the list of companies who utilize NYDIG as the institutional choice for Corporate Treasury Solutions,” NYDIG CEO and co-founder Robby Gutmann added.