Funding Establishes Marathon as One of many Solely Pure-Play, Bitcoin Funding Choices
LAS VEGAS, Jan. 25, 2021 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or “Firm“), one of many largest enterprise Bitcoin self-mining corporations in North America, at the moment introduced that it has bought 4,812.66 BTC in an combination buy value of $150 million. Consequently, the Firm has strengthened its place as one of many solely Nasdaq-listed, pure-play funding choices for people and establishments searching for publicity to Bitcoin.
To make sure the acquisition was performed successfully, Marathon labored with NYDIG, a number one know-how and monetary providers agency devoted to Bitcoin. NYDIG’s buying and selling, execution, and asset administration experience enabled Marathon to benefit from favorable market situations and execute the transaction as effectively as doable.
“By buying $150 million price of Bitcoin, now we have accelerated the method of constructing Marathon into what we imagine to be the de facto funding alternative for people and establishments who’re searching for publicity to this new asset class. We additionally imagine that holding a part of our Treasury reserves in Bitcoin can be a greater long-term technique than holding US {Dollars}, just like different forward-thinking corporations like MicroStrategy,” mentioned Merrick Okamoto, Marathon’s chairman & CEO. “Up to now, now we have contracted to buy 103,060 miners, all of that are presently anticipated to be delivered and absolutely deployed by the tip of the primary quarter of fiscal 2022. If all miners have been operational at the moment, primarily based on the Bitcoin community’s present issue charge, we’d produce roughly 55-60 bitcoins per day. Nevertheless, by leveraging our money readily available to spend money on Bitcoin now, now we have remodeled our potential to be a pure-play funding right into a actuality. I want to thank the complete NYDIG group for providing their distinctive services for public corporations, and for working with us to expedite this course of and make sure the transaction was made on the very best phrases for our enterprise and our shareholders.”
Robby Gutmann, co-founder and CEO of NYDIG, commented, “We deeply admire Marathon’s dedication to the Bitcoin ecosystem, and we’re more than happy so as to add them to the record of corporations who make the most of NYDIG because the institutional alternative for Company Treasury Options. NYDIG is uniquely positioned to assist companies navigate the challenges they face round executing and structuring the holding of huge Bitcoin positions, and our potential to ship Marathon a tailor-made and customized resolution, with a fast turnaround, and no market influence, is why companies and insurance coverage corporations select NYDIG.”
Investor Discover
Investing in our securities entails a excessive diploma of danger. Earlier than investing resolution, it is best to rigorously think about the dangers, uncertainties and forward-looking statements described beneath “Threat Components” in Merchandise 1A of our most up-to-date Annual Report on Type 10-Ok for the fiscal 12 months ended December 31, 2019. If any of those dangers have been to happen, our enterprise, monetary situation or outcomes of operations would probably endure. In that occasion, the worth of our securities may decline, and you could possibly lose half or all your funding. The dangers and uncertainties we describe will not be the one ones dealing with us. Extra dangers not presently recognized to us or that we presently deem immaterial may additionally impair our enterprise operations. As well as, our previous monetary efficiency will not be a dependable indicator of future efficiency, and historic developments shouldn’t be used to anticipate outcomes sooner or later. Future adjustments within the network-wide mining issue charge or Bitcoin hashrate may additionally materially have an effect on the long run efficiency of Marathon’s manufacturing of Bitcoin. See “Protected Harbor” under.
Ahead-Wanting Statements
Statements made on this press launch embody forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements may be recognized by way of phrases corresponding to “could,” “will,” “plan,” “ought to,” “count on,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, developments and uncertainties, lots of which the Firm can not predict with accuracy and a few of which the Firm may not even anticipate and contain components which will trigger precise outcomes to vary materially from these projected or instructed. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to think about the components listed above along with the extra components beneath the heading “Threat Components” within the Firm’s Annual Studies on Type 10-Ok, as could also be supplemented or amended by the Firm’s Quarterly Studies on Type 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that develop into unfaithful due to subsequent occasions, new info or in any other case.
About NYDIG
NYDIG is a number one know-how and monetary providers agency devoted to Bitcoin. The agency and its subsidiaries present institutional funding, brokerage, treasury, and know-how options to establishments, banks, and personal purchasers, together with insured custody, execution, asset administration, financing, and analysis. NYDIG was based in 2017 because the digital asset subsidiary of Stone Ridge Holdings Group, proprietor of a $10B+ alternate options asset supervisor in New York. NYDIG meets the business’s highest regulatory, audit, and governance requirements, and the agency’s subsidiaries maintain each a BitLicense and a restricted objective belief constitution from the New York State Division of Monetary Providers. For extra info, go to www.nydig.com.
About Marathon Patent Group
Marathon is a digital asset know-how firm that mines cryptocurrencies, with a give attention to the blockchain ecosystem and the era of digital belongings.
Marathon Patent Group Firm Contact:
Jason Assad
Phone: 678-570-6791
E-mail: Jason@marathonpg.com
Marathon Patent Group Investor Contact:
Gateway Investor Relations
Matt Glover and Charlie Schumacher
Phone: 949-574-3860
E-mail: MARA@gatewayir.com
NYDIG Press Contact:
Conor Shea
Edelman
conor.shea@edelman.com
