Marathon Patent Group buys bitcoin in dip for $150 million
Marathon Patent Group is actually known as one of the world’s largest bitcoin mining groups. Now, however, the company has bought bitcoin in a big way.
Marathon Patent Group buys 4,812.66 Bitcoin worth 150 million US dollars and thus takes advantage of the price correction of the past few days. Actually, the group of companies is known as one of the US firms that wants to claim the fight for the 1K Daily Profit crown of the biggest Bitcoin miners, as BTC-ECHO reported. Business was so good last year that Marathon Patent Group was able to close 2020 with an increase in capital of around 200 million US dollars. Money that the listed group wants to invest primarily in growth, as it said in a press release just a few weeks ago.
At the time, Marathon CEO Merrick Okamoto announced that the money would be invested primarily in the previously purchased miners, as BTC-ECHO also reported. Because these would still have to be paid off. Now, however, Marathon has invested 150 million US dollars in Bitcoin, probably because it hopes for renewed price growth. A few weeks ago, Okamoto already said, “We are in a volatile industry where forward timing and scaling are critical to efficiently drive profitability.”
With the latest bitcoin big purchase, Okamoto must be hoping to demonstrate particularly good timing
Because bitcoin has been far away from its all-time high of 41,940.00 US dollars for weeks, and even crossed the 30,000 US dollar mark towards the south a few days ago. At the moment, the price is back at just under 35,000 US dollars. So it’s quite possible that bitcoin could soon be heading for new ATHs again. And then investors like Marathon will reap millions in profits.
Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon”) today announced that it has purchased 4,812.66 BTC in an aggregate purchase price of $150 million via @NYDIG_BTC. Another public company adopts #Bitcoin as a treasury reserve asset. https://t.co/acwghygNxC
– Michael Saylor (@michael_saylor) January 25, 2021
One person who is particularly happy about the news is Microstrategy CEO Michael Saylor, who immediately tweeted about the BTC purchase, writing that it would be yet another publicly traded company using Bitcoin as a corporate reserve asset.