- Marathon has purchased $150 million worth of Bitcoin.
- It said holding Bitcoin is a better long-term strategy than cash.
Institutions are still going for Bitcoin (BTC), although the price has fluctuated at the $30,000 mark for a while. Last week, Cryptopolitan reported that one of the biggest Bitcoin buyers, MicroStrategy, stacked up an additional 314 BTC to its reserve after the cryptocurrency broke below $30,000. On Monday, a NASDAQ-listed self-mining crypto company, Marathon, announced a larger purchase of about $150 million worth of BTC.
Marathon prefers Bitcoin to cash
According to the announcement, Marathon added about 4,812.66 BTC to its reserve, which cost an aggregate price of $150 million. The transaction was processed by the New York Digital Investment Group (NYDIG), a leading technology and financial services company dedicated to Bitcoin. The development helped Marathon allocate their cash holding to Bitcoin, probably, to hedge against inflation. It also strengthens the company investment options for investors seeking exposure to the cryptocurrency.
Following the Bitcoin purchase, “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 Merrick Okamoto, said. “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.”
Marathon prepares to mine 60 BTC daily
The self-mining crypto company further noted their plans to mine between 55-60 Bitcoin on a daily basis in the coming year, following the current mining difficulty rate. To achieve this, the company has contracted to purchase about 103,060 mining machines. These miners are expected to be fully delivered and installed by the end of Q1 of fiscal 2022.