Nasdaq-listed Marathon Buys $150M Worth Of BTC As Treasury Reserve
Bullish news for the cryptocurrency industry as yet another publicly-traded company has joined the Bitcoin bandwagon with a hefty $150 million investment.
The company said it purchased the cryptocurrency through the New York Digital Investment Group (NYDIG) at an average price of $31,168 per bitcoin, amounting to a total of $150 million.
According to Marathon’s chairman and CEO, Merrick Okamoto, the investment will help actualize the company’s goal of creating opportunities for individuals or institutions who wish to invest in 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,” the CEO said.
Marathon is one of the biggest “enterprise Bitcoin self-mining” companies in North America. The company previously raised about $250 million to purchase 103,060 new miners to fully resumed work by the end of Q1 2022 with plans to mine about 55-60 bitcoins daily.
However, the company’s plan was interrupted by the pandemic. Due to a chip shortage caused by the COVID-19-induced lockdown, there was a delay in setting up the bitcoin mining farm. The company took a detour and decided to purchase bitcoin instead of holding cash.
Marathon Prefers Bitcoin To Cash
A growing number of investors continue to lose trust in the US dollar due to the government’s endless money printing spree during the pandemic.
“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,” Okamoto said.
Marathon is just one of the mainstream companies on the Bitcoin bandwagon since MicroStrategy made its first purchase of 21,454 BTC in August 2020.
The publicly-traded business intelligence company recently topped its Bitcoin bag with an additional $10 million purchase, bringing its total bitcoin holdings to 70,784 BTC ($2.4 billion).