More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin
Cointelegraph
Published Jan 25, 2021 11:08AM ET
Updated Jan 25, 2021 12:40PM ET
Nevada-based crypto mining firm Marathon Patent Group has invested $150 million in Bitcoin as a reserve asset.
Marathon announced today that it has purchased more than 4,812 Bitcoin (BTC) for $150 million through the New York Digital Investment Group — an average price of $31,168 per coin. CEO and chairman Merrick Okamoto said the move was “a better long-term strategy than holding US Dollars,” 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.
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Written By: Cointelegraph
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