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Cryptocurrencies: 27289
Markets: 108940
Market Cap: $3,811,914,659,354     
24h Vol: $95,467,003,561
Seeking Alpha 2021-01-25 13:12:30

Marathon Patent buys the dip in bitcoin

Marathon Patent buys the dip in bitcoin
Marathon Patent (MARA) announces the purchase of 4,812.66 bitcoin (BTC-USD) for $150M, or an average price of $31,168.The company worked with New York's Digital Investment Group ((NYDIG)) to execute the purchase.CEO Merrick Okamoto: "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 ... Holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars."Bitcoin this morning continues its modest bounce from last week's plunge to below $29K, now changing hands at just over $34K. Marathon is up 4.5% premarket.Microstrategy and its CEO Michael Saylor last week was also a dip-buyer in bitcoin.
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