Leading firms are diverging their investments to cryptocurrencies and digital assets to leverage the potential benefits of newly emerging asset class. Out of the lot, Bitcoin has emerged as one of the most promising assets recently, and Marathon Patent Group has jumped on the Bitcoin bandwagon.
The Bitcoin mining firm has brought a whopping amount of BTC as its treasury reserve.
Marathon Buys 48112.66 Bitcoin
Marathon Patent Group has procured a massive $150 Million worth of Bitcoin in an attempt to convert a substantial amount of its treasury reserve to cryptocurrency.
Marathon is a leading digital assets firm that works on cryptocurrency mining and focuses on digital assets. As per the official press release, Marathon bought 4812.66 bitcoin, which strengthened the company’s stakes as the only publicly listed pure-play investment options for individuals and institutions seeking exposure to Bitcoin. The firm revealed that they have worked closely with NYDIG to ensure that the Bitcoin procurement was done effectively. NYDIG is a financial services and technology company that works on Bitcoin solutions to offer brokerage, institutional investment, and treasury solutions to various financial players. It assists in execution, financing, insured custody, and research in the field.
The CEO of the firm, Merrick Okamoto, said that with the procurement, they have taken a step towards building Marathon as a ‘de facto’ investment choice for the investors who want exposure to a new asset class. He added that it is better to hold part of the treasury reserves in the largest cryptocurrency than to hold US Dollars. He compared the move to Forward-thinking of Microstrategy. Microstrategy has invested heavily in Bitcoin last year and holds around $2,25 billion worth of Bitcoin as per the current rate. The firm has 70,784 Bitcoin, while Square, another heavy weight institutional investor, bought 4709 BTC.
He revealed that Marathon has signed a contract for buying around 103060 miners, which will be deployed by next year.
Emphasizing the move, he added, “If all miners were operational today, based on the Bitcoin network’s current difficulty rate, we would produce approximately 55-60 bitcoins per day.”.
He continued that with the Bitcoin investment in Bitcoin, the firm has fostered its potential to emerge as a pure-play investment tool.
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