Bitcoin falls, big fish bite!
While Bitcoin’s failure to stay above $40,000 and fall to $30,000 levels is unhappy for the small investor, institutional firms consider this as an opportunity.
The biggest Bitcoin mining company in America, is the Marathon Patent Group. It is important that the company converts its cash assets into BTC, as well as mining revenues. The company explained that these actions are valuable in terms of setting an example for other corporate companies on Wall Street.
Marathon Patent Group announced that it has purchased $150 million worth of Bitcoin. In the announcement made on the company’s website, it was stated that 4812.66 BTC worth $150 million was received. Accordingly, the average cost of purchased BTC is around $31167.
The company, which does Bitcoin mining, as well as Bitcoin investments, is also listed on Nasdaq. It has been stated by the CEO of the Marathon Patent Group, Merrick Okamoto, that the company feels that it makes more sense to retain some of the assets of the company in Bitcoin, than in US dollars, similar to forward-thinking companies like MicroStrategy.