Marathon Patent Group, which is on the Nasdaq list, announced on Monday that it purchased 4,813 bitcoins for about $ 150 million.

 

 

Merrick Okamoto, CEO of Marathon, said the investment is part of the company’s treasury funds. This step was the first time the company involved in Bitcoin mining purchased Bitcoin from the market.

A more common strategy

“By using our cash now to invest in bitcoin, we have realized our potential to be a pure gaming investment,” Okamoto said. “We also believe that keeping some of our treasury reserves in Bitcoin will be a longer-term strategy than holding US dollars, similar to other forward-thinking companies like MicroStrategy.”

Marathon’s shares rose 892% last year, and MicroStrategy’s shares gained 166% compared to bitcoin’s nearly 300% gain in the year.

Earlier this month, Marathon raised $ 250 million in a stock tour. When asked whether these funds were used to buy bitcoin, Okamoto said that prior to this increase, the company had $ 425 million in cash used to buy bitcoin.

 

Execution of the transaction

Crypto financial services firm NYDIG helped run the transaction. NYDIG added in a statement that the acquisition was completed on January 21, and the purchase amount per bitcoin was around $ 31,135.

NYDIG said the order was completed “in just a few hours”.

Last month, the firm also helped insurance giant MassMutual buy $ 100 million worth of bitcoins, and at that time MassMutual bought a $ 5 million minority stake in NYDIG.

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As for the Marathon Patent Group, the company has been mining Bitcoin since late 2017. Okamoto currently has 2,560 bitcoin mining devices in production that generate about 1.5 to 2 bitcoins per day.

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