The cryptocurrency mining group Marathon Patent Group managed to increase its stocks by 7.7% thanks to the Bitcoin acquisition. The firm has become one of the first few firms to record reasonable profits from Bitcoin in the new year.
The company’s shares, which announced yesterday that it bought $ 150 million worth of Bitcoin in a single day, jumped to $ 19.86 after a short time.
Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon") today announced that it has purchased 4,812.66 BTC in an aggregate purchase price of $150 million via @NYDIG_BTC. Another public company adopts #Bitcoin as a treasury reserve asset. https://t.co/acwghygNxC
— Michael Saylor (@michael_saylor) January 25, 2021
Marathon CEO: “We bought Bitcoin against the devaluation of the dollar.”
Merrick Okamoto, president and CEO of Marathon, announced in an announcement that this move is a strategy to take action against devaluation of the USD.
“By purchasing $ 150 million worth of Bitcoin, we accelerated the process of building Marathon, which we believe to be the de facto investment option for individuals and institutions that want to enter this new asset class. We also believe that, similar to other forward-thinking companies like MicroStrategy, keeping some of our reserves in Bitcoin will be a longer term strategy than holding US dollars. ”
As the Bitcoin mining difficulty increases, the firm aims to tackle any possible disadvantages by increasing its mining machines. Okamoto announced that 103,060 mining computers have been deployed to continue mining operations. He also used the following words:
“Based on the current difficulty rate of the Bitcoin network, if all miners were active today, we would be generating around 55-60 BTC per day. However, we have now realized our potential by using the cash we have to invest in Bitcoin. ”
The increase in Marathon’s stock value mimics that of payments giant Square and business intelligence and mobile software firm MicroStrategy. After taking their Bitcoin purchases public last year, both companies have seen a rapid increase in their shares.
Companies like Marathon, which help registered and accredited market participants who cannot hold cryptocurrencies directly, continue to grow as interest and adoption in Bitcoin increases.