Nasdaq-Listed Bitcoin Miner Marathon Buys 4,812 BTC ($150M) for Treasury Reserves
Marathon Patent Group, the North America-based Bitcoin mining company, has purchased 4,812 Bitcoin for an aggregate price of $31,168.
The company purchased $150 million worth of Bitcoin through the New York Digital Investment Group (NYDIG). Merrick Okamoto, Marathon’s chairman & CEO said,
“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.”
These BTC are held in Treasury reserves, which Marathon describes as a better long-term strategy than holding US Dollars.
The cryptocurrency miner has contracted to purchase 103,060 mining machines, which are expected to be delivered and deployed by the end of the first quarter of 2022. This capacity, based on the current difficulty rate, which is at an all-time high of 20.82 trillion, Marathon would be able to produce 55-60 BTC per day.
As of writing, BTC is trading around $35,000, down 23.5% from its all-time high of $42,000 hit earlier this month.
Meanwhile, the shares of Marathon are $18.30, down from $26.39 on Jan. 8 but up from $0.40 on April 1st, 2020.