Bitcoin mining company Marathon Patent Group has become the latest publicly traded company to invest in Bitcoin.
The Nasdaq-listed company made its first Bitcoin purchase from the market of 4813 Bitcoin for about $150 million from the company’s cash reserves on Monday.
According to the CEO of Marathon Patent Group Merrick Okamoto, the company is following the footsteps of companies like MicroStrategy to invest in Bitcoin instead of just holding the US dollars.
“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,” he said.
Okamoto added that with the new investment in Bitcoin, Marathon Patent Group has transformed its potential to be “a pure-play investment into a reality.”
The current price of bitcoin is $34,636.84, climbing up by 7.18% in the last 24 hours. Bitcoin has a current market cap of $644.57B and market volume of $50.55B. In the last 24 hours, bitcoin has dropped to $30,987.70 and experienced a $34,893.98 high. Currently, 18,610,025 bitcoins are in circulation.
Stats and Image from Coin Desk
Earlier this month, Marathon Patent Group raised $250 million in proceeds from announced registered direct of offerings of 12.5 million shares of its common stock for $20.0 per share in the offering.
Marathon Patent Group has joined other publicly traded institutions like MicroStrategy, Grayscale Bitcoin Trust, MassMutual etc., to invest in Bitcoin.