Marathon Patent Group announced its inaugural Bitcoin offloading in the next two years, leading people to believe the firm can be in a financial problem. However, this has not been the case. Marathon Patent Group has stated that their purchase happened to capitalize on the rising volatility of the market.
Marathon’s main business is patented enforcement and licensin. However, the firm also operate crypto mining operations. The company owns one of the largest crypto mining programs in North America, and in 2019, the firm got $150 mn worth of BTC mining equipment.
The company at first announced that it was brought 4,812.65 BTC for 150mn USDs in cash. This purchase was the first time the group had bought Bitcoin since April 2019.
Marathon says they have reasons to believe that the crypto market is incredibly volatile right now and that the buying of Bit coin is a wise investment. Marathon group has stated that the purchase from their side is a was strategic move that aligns with its long-term vision.
Marathon Still Holds Enough
Marathon Group also noted that they were evaluating the crypto markets for quite some time and that they believe that the current conditions of the market can help them with great opportunity to add to its holdings. The firm also stated that they have no plans to liquidate their current holdings, and that the purchase happened to capitalize on potential future gains.
The sale of Bitcoin is the most recent action in a string of significant cryptocurrency investments by well-known companies. Larger companies are taking advantage of the present market conditions to engage in the cryptocurrency field, which according to many observers indicates that these actions are the beginning of a trend.
The company shared in their official statement that it plans to hold the BTC it has bought as a long-term investment. The firm also stated that it is still open to create additional purchases in the future. It provided the conditions in the market favorable.
Marathon’s purchase of BTC and its commitment to hold the purchase for the long term shows the firm’s confidence in the crypto markets. The move is likely to be seen as an endorsement of Bitcoin and could potentially lead to further investment from other established firms.