Bitcoin’s offerings continue to dry up as Marathon Patent Group Inc., one of the largest Bitcoin mining companies in North America, announced the purchase of 4,812.66 BTC at a total price of $ 150 million, per year. release.
Bitcoin was bought through New York Digital Investment Group (NYDIG), allowing Marathon to take advantage of the recent dip in the market. This isn’t the first time we’ve seen NYDIG help businesses buy bitcoin as it has facilitated the recent Mass Mutual Purchase of $ 100 Million of BTC last December.
Institutional investors are starting to see the light of a Bitcoin standard and what it can offer them over traditional ways of doing business, as Marathon chairman and CEO Merrick Okamoto said: Better long-term strategy than holding US dollars, on par with other forward-thinking companies like MicroStrategy, ”the publication said.
Robby Gutmann, founder and CEO of NYDIG also commented on the purchase in the release, saying, “We have great admiration for Marathon ‘s commitment to the Bitcoin ecosystem.”
This purchase has been listed as a “pure play investment” as Marathon grows stronger financially and is one of the few Nasdaq-listed companies with exposure to bitcoin.