Marathon Patent Group, a prominent crypto mining firm based in Nevada, announced today its purchase of over 4,812 Bitcoin (BTC). Marathon reportedly bought the BTCs at an average price of $31,168 – putting its total investment in the crypto at about $150 million.
Notably, some see this move of the mining firm as yet another testament to how attractive cryptocurrencies look to institutional investors right now.
According to the firm’s CEO, Merrick Okamoto, Marathon’s recent BTC purchase is to appeal to investors that may seek experience or exposure to the new budding asset class. He adds that the firm fully believes that committing substantial money to BTC is a much better strategy for the long term than holding actual USD.
Okamoto then compared their BTC investment to MicroStrategy, which has since invested millions and millions of dollars into the popular crypto following its initial splurge last year that reportedly costs more than $400 million.
Okamoto noted that Marathon had more than $425 million in cash prior to its $250 million equity raise earlier in the month, wherein it committed tons of USD to elevate its mining prowess. Considering its recent BTC purchase of $150 million, many now speculate how much cash the company still has at hand today.