Marathon Patent Group, traded on Nasdaq, purchased $ 150 million worth of Bitcoin as part of the company’s treasury reserves. Merrick Okamoto, CEO of the Marathon Patent Group, said the acquisition was made from the company’s cash reserves.
Marathon Patent Group, located on the Nasdaq exchange, announced that it purchased 4,813 BTC for a total of approximately $ 150 million. Marathon CEO Merrick Okamoto stated that the investment is part of the company’s treasury funds. The Bitcoin mining company is buying Bitcoin from the market for the first time. Okamoto used the following statements:
By using our cash now to invest in Bitcoin, we have realized our potential as a pure gaming investment. We also believe that, similar to other forward-thinking companies like MicroStrategy, keeping some of our treasury reserves in Bitcoin will be a more long-term strategy than holding US dollars.
Marathon’s stock rose 892% last year, and MicroStrategy’s shares gained 166% compared to BTC’s gain of about 300% during the year.
Crypto financial services firm NYDIG has helped run the company’s transactions. NYDIG added that the purchase was completed on 21.01.2021 and the purchase amount per Bitcoin is around $ 31,135. NYDIG said the order was completed “in just a few hours” from idea to execution.