Marathon Patent Group announced on Monday that it had purchased 4,813 Bitcoins in a $ 150 million deal. The firm was the last to join the public companies holding Bitcoin in its reserves.
Merrick Okamoto, president and CEO of Marathon, said Nasdaq bought Bitcoin (BTC) as a reserve asset. Okamoto said in a statement, “We believe that keeping some of our treasury reserves in Bitcoin will be a longer-term strategy than holding the US dollar, similar to other forward-thinking companies like Microstrategy.”
Marathon, currently involved in BTC mining, made the purchase, paying an average of $ 31,135 per Bitcoin. The deal was signed by crypto financial services firm New York Digital Investment Group (NYDIG) and was completed on January 21st.
Earlier this January, Marathon collected $ 250 million in a stock tour, but it was not used to buy BTC. Okamoto announced that the Bitcoin purchase was financed from internal cash sources of $ 425 million, industry media reported.
As a miner, Marathon currently produces two Bitcoins a day, but currently plans to grow by purchasing 103,000 advanced S19 Bitcoin mining devices from Bitmain. Okamoto said the devices are expected to be delivered and fully installed by the end of the first quarter of 2022. “If all the miners today were up and running at the current difficulty rate of the Bitcoin network, we would be generating around 55 to 60 Bitcoins per day,” said the CEO.
“BY USING THE CASH MONEY TO INVEST IN BITCOIN NOW, WE HAVE TURNED OUR POTENTIAL OF BECOMING A SALT GAMING INVESTMENT INTO REALITY.”
In October, Marathon announced a joint venture agreement with Beowulf Energy for issuing Bitcoin, cutting electricity costs by 38%. Marathon shares fell 0.44% to $ 18.22 on Monday. The stock has increased by more than 56% since January 1st.