Crypto Miner Marathon Patent Group Buys $150M in Bitcoin:
(CoinDesk) Cryptocurrency mining company Marathon Patent Group bought $150 million in bitcoin for around $31,100 apiece during the crypto asset’s recent price rout.
The Nasdaq-listed firm said Monday it purchased the bitcoins through institutional bitcoin (BTC, +7.34%) shop NYDIG. Marathon is the latest publicly traded company to swap a cash treasury for bitcoin, and, with 4,812.66 BTC now on the books, one of the largest by sheer investment size.
Marathon CEO Merrick Okamoto said in a statement the bitcoin buy “accelerates” his mining company’s transformation into a “pure-play bitcoin investment option” for crypto-hungry Wall Street traders.
Wall Street traders already have a few options on that front, some more creative than others. There’s Square, the payments company and Cash App owner with 4,702 BTC. And there’s Grayscale Bitcoin Trust, which has purchased over 600,000 BTC for its investors, many institutional. (Grayscale is owned by CoinDesk parent company Digital Currency Group).
But Nasdaq’s flashiest indirect bitcoin exposure vehicle is perhaps business intelligence company MicroStrategy, whose semi-regular bitcoin buys (it now holds 70,784 coins) have wooed investors, and boosted MSTR’s share price 370% since July.
Bitcoin mining company stocks have tracked with the market-leading crypto asset’s recent price boom. But Marathon’s investment strengthens its ties even further, seeking to peg its appeal even more tightly to bitcoin with the investment.