(Last Updated on January 25, 2021)
Marathon Patent Group adds 4,812.66 Bitcoin or about $150 million U.S. dollars worth of digital assets to their balance sheet.
“LAS VEGAS, Jan. 25, 2021 (GLOBE NEWSWIRE) – Marathon Patent Group Inc. (NASDAQ:MARA) “Marathon” or “Company“), one of the largest enterprise Bitcoin self-mining companies in North America, today announced that it has purchased 4,812.66 BTC in an aggregate purchase price of $150 million. As a result, the Company has strengthened its position as one of the only Nasdaq-listed, pure-play investment options for individuals and institutions seeking exposure to Bitcoin.
By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class. We also believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy,” said Merrick Okamoto, Marathon’s chairman & CEO.“
Major U.S. public companies continue jumping into the digital asset space as a hedge against inflation and government regulation.
Marathon Patent Group can now be added to the growing group of Bitcoin Treasury holders lead by MicroStrategy, Square, and MassMutual.
It isn’t a surprise that Marathon Patent Group is one of the first in 2021 to disclose their new treasury asset allocations into Bitcoin. They have already been significantly involved with Bitcoin mining and other cryptocurrency activities.
Marathon is becoming a serious player in the Bitcoin mining industry
“To date, we have contracted to purchase 103,060 miners, all of which are currently expected to be delivered and fully deployed by the end of the first quarter of fiscal 2022. If all miners were operational today, based on the Bitcoin network’s current difficulty rate, we would produce approximately 55-60 bitcoins per day. However, 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. I would like to thank the entire NYDIG team for offering their unique products and services for public companies, and for working with us to expedite this process and ensure the transaction was made on the best possible terms for our business and our shareholders.”
That is no joke.
And if you are not aware, ASIC miners have been very difficult to get your hands on. Especially newer ASIC models from the major companies like Bitmain and Innosillicon.
Go check on eBay and see how much the complete junk, super OLD, ASIC miners are selling for.
You can literally only be profitable on those machines if you have FREE electricity.
This shows some serious commitment by Marathon to Bitcoin, as an industry and as a monetary tool, for the years to come. I do not doubt that they’ll continue purchasing miners and adding to their satoshi stack.
Will other public companies start investing in mining as well?
That will be an interesting additional option for companies that are looking to add diversity to their long term digital asset investing.
Marathon purchased “Global Bit Ventures Acquisition Corp” in November of 2017
$MARA purchase of $GBVAC was pioneering an entry into their own blockchain strategy. By purchasing Global Bit Ventures, Marathon bought into an established team of blockchain developers and cryptocurrency miners who have been at it since the early 2009/2010 days. They develop and provide servers and hardware for companies looking to operate blockchain technology for various industries. This combined with Global Bit Ventures crypto mining wisdom should be an excellent addition to $MARA long term goals in the digital asset industry.
This placed Marathon right into the thick of mining competition and they went all in purchasing contracts for future mining hardware BEFORE the prices erupted and miners were impossible to get.
They’ll continue receiving top of the line mining technology while other companies cannot find ANY ASIC equipment.
This will help them grab a larger share of the mining hashpower while difficulty is slowly increasing due to the limited ASIC supply on the market today.
And while mining is a long term investment, $MARA will continue to focus on blockchain development
Read their SEC statement’s from 2017 to see how confident this company is in the fact that blockchain technology is going to revolutionize many industries through America. It’s pretty obvious that blockchain is going to greatly enhance financial tech through improved security, transparency, and trust.
“The Company believes that an advantage to blockchain technology exists in the ability to store data and distribute it in a decentralized manner. The decentralization of information presents opportunity for increases in security and functionality to users. Blockchain technologies are believed to be able to offer a significant impact in many areas of business, finance, information management and governance.
A “cryptocurrency” is a form of encrypted and decentralized digital currency, transferred directly between peers across the internet, with transactions being settled, confirmed and recorded in a distributed public ledger, initiated by a process known as “mining”. Units of cryptocurrency exist only as data on a network, and are not generally controlled by any single centralized institution, authority, or government. Whereas most of the world’s money currently is capable of being managed by central authorities such as banks, units of a cryptocurrency exist as electronic records in a decentralized, safe transaction database called a blockchain. The ledger is publicly available to anyone and secured using public key encryption.”– $MARA SEC.gov Filings 2017
Marathon was diving head first into Bitcoin just before the first major retail driven FOMO bull run was about to blast it’s final, giant, pump to $19k.
Knowingly embracing the decentralization aspects of Bitcoin and possible blockchain tech is where the opportunity really exists. The entire global payment system, the PayPals, CashApps, and others, can be overcome through decentralized, free, 100% peer to peer platform.
-> Bitcoin is trustless and cannot be counterfeited or faked.
-> Instant settlement
-> No counterparty risk
-> No middleman, brokerage, added transaction delays and fees
-> Equality for all – anyone can access
-> 100% transparent and eliminates double spend
-> Global, government and censorship resistant
The strengths and future opportunities with blockchain are clear to the massive corporations on Wall Street today. They understand the benefits, it just took the COVID-19 event of 2020 to push them over the edge.
There’s a lot of building and coding ahead but the writing is on the wall and Marathon is investing heavily into blockchain technology, cryptocurrency mining, and Bitcoin investing.
Digital assets are starting to play a crucial role to corporations as they evolve forward.