Nasdaq listed company Marathon Patent Group, Inc. (NASDAQ:MARA), a patent-holding company actively involved in the cryptocurrency sector, announced on Jan. 25 that it has purchased 4,812.66 BTC “in an aggregate purchase price of $150 million.”
“As a result, the Company has strengthened its position as one of the only Nasdaq-listed, pure-play investment options for individuals and institutions seeking exposure to Bitcoin,” the company wrote in the press statement.
Marathon sought the services of NYDIG to ensure that the purchase was conducted effectively. NYDIG is a financial services firm dedicated to Bitcoin and offers its services to institutions, private clients, and banks.
Per the statement, NYDIG’s trading, execution, and asset management expertise allowed the Nasdaq-listed company to take advantage of favorable market conditions to make the transaction as smooth as possible.
Although Marathon is involved in Bitcoin mining and operates a proprietary data center with a maximum power capacity of 105 Megawatts, this is the first time that the company has bought the leading cryptocurrency from the market.
Going in the Microstrategy direction
Marathon is now going in the direction of Microstrategy, a publicly-traded company that purchased bitcoins worth more than $1 billion in 2020.
Merrick Okamoto, Marathon’s chairman and CEO said that bitcoin offers a better long-term investment strategy than the U.S. dollar, something that companies such as Microstrategy have done.
“ 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,” said Okamoto.
Microstrategy’s CEO Michael Saylor has become one of the most important people in crypto over the last few months owing to a large amount of money he is investing in bitcoin on behalf of the company. The company’s share price gained 166% in 2020.
Marathon Group secured $250 million in equity funding early this month but did not utilize the money to buy the bitcoins. Instead, the company used the $425 million cash reserve they had prior to the funding round to make the bitcoin purchase.
The company share was $18.30 at market close on Jan. 22.
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