Following in MicroStrategy and Square’s footsteps, Bitcoin mining company Marathon Patent Group is now investing a large portion of its treasury reserve in BTC.
Marathon bought $150 million worth of BTC at a little more than $31,000 a Bitcoin, according to a press release from the company.
Says Merrick Okamoto, Marathon’s chairman & CEO,
“By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class.
We also believe that holding part of our treasury reserves in Bitcoin will be a better long-term strategy than holding US dollars, similar to other forward-thinking companies like MicroStrategy.”
MicroStrategy now owns approximately 70,784 BTC worth more than $2.25 billion at time of writing, according to CoinMarketCap. Square has purchased 4,709 BTC worth about $148 million.
Okamoto notes Marathon has contracted to purchase 103,060 miners that are expected to be fully deployed in the first quarter of fiscal year 2022.
Says the chief executive,
“If all miners were operational today, based on the Bitcoin network’s current difficulty rate, we would produce approximately 55-60 bitcoins per day. However, by leveraging our cash on hand to invest in Bitcoin now, we have transformed our potential to be a pure-play investment into a reality.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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