• Sat. Jul 20th, 2024

Bitcoin Miner MARA Purchases 4813 Bitcoins For US$ 150 M

Jan 27, 2021

A renowned digital asset company MARA or Marathon Patent Group announces injecting of investment into Bicoin. Acquires 4,813 number of Bitcoins at the cost of US$ 150 Million. The asset management company joins the bandwagon of Bitcoin investors with the same objective i.e. reserve asset.

Recently, the NASDAQ limited company MARA has made an announcement in which it has revealed investing into Bitcoin.

As per the announcement details, it is confirmed that the asset management company has injected approximately US$ 150 Million. The aim of this investment has been told to be to use Bitcoin as reserve asset. It was further confirmed that the company has acquired a total of 4,813 Bitcoins.

Since 2020, individual investors and a large number of institutions have brought Bitcoin within their investment portfolios. Irrespective of whether the value of Bitcoin was higher or lesser, Bitcoin investment bandwagon continued to pick up more passengers. For about more than a week, Bitcoin’s value is struggling to acquire further increase. But institutional/individual investors are still lining up to buy few Bitcoins with the aim and objective of using it as reserve asset.

Some of the investors are investing because they believe that in near future Bitcoin’s value would reach US$ 150,000, therefore, it is time to invest. While many are reluctant to invest because Bitcoin’s value has dropped about US$ 12,000 in a short period of two weeks. However, it seems as if the major issue of volatility doesn’t matter too much for the investors as they continue to increase their Bitcoin holdings.

Merrick Okamoto, who is the CEO/Chairman of MARA, stated that Bitcoin investment is a part of company’s long term strategy. He said that the company and its management took inspiration from economic giant, Microstrategy – one of the biggest Bitcoin treasury holder of 2020. He further explained that inflation is just around the corner and keeping US Dollar for longer terms wouldn’t be fruitful. So obviously the better long term option is to invest in Bitcoin, said Okamoto.

Okamoto also said that through Bitcoin investment his company has achieved another milestone. He said that MARA has become a de-facto company for those investors who want to explore the possibility of investing in diversified assets.

It was revealed that MARA, which is already involved in the process of Bitcoin mining, has bought a Bitcoin for US$ 31,135.Crypto experts have appreciated MARA’s strategy and stated that this is a timely investment because Bitcoin is currently undergoing a dip. It was further found out that the purchase of MARA’s Bitcoin holding has been done through New York Digital Investment Group (NYDIG).

Meanwhile, Okamoto informed that the investment has been injected from company’s reserves and not from its equity. Since the company is also a Bitcoin miner, it has been producing Bitcoins at an average rate of 2 coins on daily basis.

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