On the 25th of January, Marathon Patent Group announced that the company had acquired about 4,813 Bitcoin as part of the company’s treasury funds. The purchased BTC is worth about $150 million.
The company’s CEO, Merrick Okamoto, commented on the acquisition. He said:
“By leveraging out cash on hand to invest in bitcoin now, we have transformed our potential to be a pure-play investment into a reality. We also believe that holding part of our treasury reserves in bitcoin will be a better long-term strategy than holding U.S. dollars, similar to other forward-thinking companies like MicroStrategy.”
Nasdaq-listed MicroStrategy Incorporated began its Bitcoin acquisition last August. Since then, the company has added more and now owns over 70,000 Bitcoins. At the time of its initial purchase in 2020, MicroStrategy said the company had decided to make BTC its primary reserve asset.
The CEO further noted that the used funds for the newly-purchased BTC was not from the $250 million secured from a recently-concluded equity round. Speaking to The Block, Okamoto said Marathon used its cash reserves. According to the CEO, the company had $425 million in cash before the equity round.’
Crypto financial services firm NYDIG revealed to The Block that the transaction was concluded on the 21st of January. The firm also added that Marathon purchased each BTC at around $31,135.
At press time, Bitcoin is up 3.13% to $32,624.
Image Credits: Pixabay
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