{"id":162535,"date":"2021-01-25T19:08:32","date_gmt":"2021-01-25T16:08:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/more-institutional-adoption-as-marathon-patent-group-purchases-150m-in-bitcoin\/"},"modified":"2021-01-25T19:08:32","modified_gmt":"2021-01-25T16:08:32","slug":"more-institutional-adoption-as-marathon-patent-group-purchases-150m-in-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/more-institutional-adoption-as-marathon-patent-group-purchases-150m-in-bitcoin\/","title":{"rendered":"# More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin"},"content":{"rendered":"

“# More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin <\/strong>”
\n<\/p>\n

Nevada-based crypto mining firm Marathon Patent Group has invested $150 million in Bitcoin as a reserve asset.<\/p>\n

Marathon announced<\/a> today that it has purchased more than 4,812 Bitcoin (BTC) for $150 million through the New York Digital Investment Group \u2014 an average price of $31,168 per coin. CEO and chairman Merrick Okamoto said the move was \u201ca better long-term strategy than holding US Dollars,\u201d comparing the Bitcoin purchase to companies like MicroStrategy, the business intelligence firm that made an initial $425 million crypto investment last year and has since bought more coins.<\/p>\n

Okamoto said:<\/p>\n

\u201cBy 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.”<\/p><\/blockquote>\n

The company expanded its operations significantly\u00a0in 2020 in an app<\/a>arent effort to become North America\u2019s largest Bitcoin miner, installing Whatsminer M30S+ ASICs in June and purchasing 10,000 Antminer S-19 rigs in October. Okamoto said that Marathon was expecting to have more than 100,000 miners \u201cdelivered and fully deployed\u201d by the end of Q1 2022.<\/p>\n

\u201cIf all miners were operational today, based on the Bitcoin network\u2019s current difficulty rate, we would produce approximately 55-60 bitcoins per day,\u201d the CEO said. \u201cHowever, 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.\u201c<\/p>\n

The crypto mining firm bought the dip as its Bitcoin purchase reportedly came just before the coin rose back above $34,000 after falling below $30,000 last week. At the time of publication, the price of Bitcoin is $34,461, having risen more than 7% in the last 24 hours.<\/p>\n