[Breaking News] Marathon “buy the dip” $150 million in Bitcoin

Nasdaq-listed Marathon Patent Group, one of the largest enterprise Bitcoin self-mining companies in North America has bought 4,812.66 BTC worth about $150 million, the purchase amount per bitcoin was around $31,135, the company announced Monday.

“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.

Crypto financial services firm NYDIG helped execute the transaction. Last month, the firm also assisted insurance giant MassMutual to buy bitcoin worth $100 million, and MassMutual at the time acquired a $5 million minority equity stake in NYDIG.

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