In Steps of Square, MicroStrategy, Another Publicly Traded Firm Buys $150mln Worth Bitcoin
In the path of Square and MicroStrategy, Bitcoin miner Marathon Patent Group has begun investing a major portion of its reserves (treasury) in Bitcoin (BTC).
As per the recent media release, Marathon has acquired Bitcoin worth $150 million, with the average price of about $31,000. Regarding the investment, Merrick Okamoto, Marathon’s chairman & CEO, said:
“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 currently possesses roughly 70,784 Bitcoins worth over $2.25 billion, as per data provided by CoinMarketCap. Square has bought 4,709 Bitcoins worth roughly $148 million. Okamoto points that Marathon has entered into an agreement to buy 103,060 miners that are anticipated to be delivered and installed in the first quarter of FY22.
The CEO stated:
“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.”