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Marathon invested $ 150 million in bitcoin


Marathon Patent Group, a mining company listed on the Nasdaq, has allocated $ 150 million in reserves for the purchase of the first cryptocurrency, writes The Block.

According to the head of the company, Merrick Okamoto, on January 21, she acquired 4,813 BTC through the manager of cryptocurrency funds New York Digital Investment Group (NYDIG).

The purchase proceeded at an average price of $ 31,135 “within hours” from idea to execution, NYDIG said. According to CoinGecko, at the time of writing, the Bitcoin price is $ 34,330.

This is the first cryptocurrency purchase among public mining companies. Okamoto stressed that Marathon plans to increase the position.

“As with MicroStrategy, we believe that keeping some of our reserves in bitcoin would be a better long-term strategy than in US dollars,” said a top manager.

Earlier, Marathon opened the sale of 12.5 million shares to raise $ 250 million for the purchase of new devices for mining cryptocurrency. Prior to the deal, Okamoto said the company had $ 425 million in reserves.

Recall that on January 22, analytic software provider MicroStrategy additionally purchased the first cryptocurrency for $ 10 million at an average price of $ 31,808.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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