Nevada-based Marathon Patent Group has invested $ 150 million in bitcoin as a reserve.
Marathon announced today that they have acquired over 4,812 bitcoins (BTC) for $ 150 million through the New York Digital Investment Group – at an average price of $ 31,168 per coin. CEO and Chairman Merrick Okamoto said the move was “a better long-term strategy than having a US dollar” when he compared buying bitcoins to companies like MicroStrategy, a business intelligence company that invested $ 425 million last year. and have bought more coins since then.
“By purchasing Bitcoin for $ 150 million, we accelerated the process of creating a marathon in what we believe is a physical investment option for individuals and organizations looking to gain access to this new asset class.”
The company expanded its business significantly in 2020 in an apparent attempt to become the largest Bitcoin miner in North America by installing a Whatsminer M30S + ASIC in June and purchasing 10,000 Antminer S-19 machines in October. Okamoto said Marathon expected more than 100,000 miners to be “fully converted and deployed” by the end of the first quarter of 2022.
“If all miners were working today based on the current level of difficulty of the Bitcoin network, we would be generating about 55-60 bitcoins per day,” said the CEO. “However, by using our available funds to invest in Bitcoin now, we have turned our potential as a net investment into reality.”
The crypto mining company bought the downturn when it was revealed that the Bitcoin purchase had occurred before the coin rallied above $ 34,000 again after falling below $ 30,000 last week. At the time of publication, the bitcoin price was $ 34,461, an increase of over 7% in the last 24 hours.