Marathon Patent Group, a Nasdaq listed firm became the second publicly traded firm to convert a portion of their treasury cash into bitcoin after the firm announced on Monday that they have bought $150 million in Bitcoin at $31,135 apiece using its treasury cash. The decision to convert a portion of treasury cash into Bitcoin was initiated by MicroStrategy who has bought over $1.4 billion in bitcoin till today.
Marathon CEO Merrick Okamoto said that the decision to convert a portion of treasury cash to bitcoin is a long-term decision suggesting they might follow on the footpath of MicroStrategy and continue converting their cash reserves from time to time. Okamoto explained,
“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. 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.”
The bitcoin price has moved between the range of $30,000 – $33,000 over the last week before breaking out today, which led to another series of mainstream headlines doubting bitcoin’s future for the third time this month. However, during the same period, the likes of MicroStrategy and Marathon Group decided to buy the dip.
Marathon Patent Group Looking to Become Largest Bitcoin Miner
Marathon Patent Group is not new to Bitcoin as the company has been mining the top cryptocurrency since 2017 with over 2560 miners under its ownership. The firm is reportedly ming 2-3 bitcoins per day and is already looking to expand its operation.
Marathon Group has ordered 100,500 units of advanced S19 miners from Bitmain costing them $270 million.
The CEO of the firm revealed that once this shipment of new advanced rigs is installed and fully functional, they would produce more hash input than any other mining company. Okamoto said,
“When fully deployed and installed, the company’s total hashrate capability will exceed 10.34 exahash [from the current about 256 petahash], which we believe could make Marathon the largest bitcoin miner in the world.”