The Nasdaq-listed company executed the trade in collaboration with financial services provider NYDIG.
“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,” said Merrick Okamoto, Marathon’s chairman & CEO.
Okamoto goes on to state that Marathon is contracted to purchase 103,060 miners that will be fully operational by the end of the first quarter of 2022.
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
Robby Gutmann, co-founder and CEO of NYDIG, added: “We deeply admire Marathon’s commitment to the Bitcoin ecosystem, and we are very pleased to add them to the list of companies who utilise NYDIG as the institutional choice for Corporate Treasury Solutions.
“NYDIG is uniquely positioned to help corporations navigate the challenges they face around executing and structuring the holding of large Bitcoin positions, and our ability to deliver Marathon a tailored and custom solution, with a quick turnaround, and no market impact, is why corporations and insurance companies choose NYDIG.”
Marathon is the latest in a long list of companies to put respective balance sheets into Bitcoin, with MicroStrategy holding more than $1 billion while Square purchased $50 million late last year.
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.