More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin

Nevada-based crypto mining firm Marathon Patent Group has invested $150 million in as a reserve asset.

Marathon announced today that it has purchased more than 4,812 Bitcoin (BTC) for $150 million through the New York Digital Investment Group — an average price of $31,168 per coin. CEO and chairman Merrick Okamoto said the move was “a better long-term strategy than holding US Dollars,” comparing the Bitcoin purchase to companies like MicroStrategy, the business intelligence firm that made an initial $425 million crypto investment last year and has since bought more coins.