BTC
$111,205.25
+
1.76%
ETH
$2,644.47
+
3.75%
USDT
$1.0001
-
0.03%
XRP
$2.4206
+
0.96%
BNB
$679.74
+
3.15%
SOL
$178.14
+
3.78%
USDC
$0.9997
-
0.00%
DOGE
$0.2395
+
3.84%
ADA
$0.8012
+
4.95%
TRX
$0.2763
+
2.13%
SUI
$3.8554
-
0.78%
LINK
$16.71
+
4.47%
AVAX
$25.15
+
8.21%
HYPE
$32.75
+
13.44%
XLM
$0.3004
+
3.02%
SHIB
$0.0₄1523
+
3.56%
HBAR
$0.2029
+
2.25%
BCH
$435.44
+
5.75%
LEO
$8.8638
+
0.99%
TON
$3.1491
+
2.64%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Crypto Miner Marathon Patent Group Buys $150M in Bitcoin

The Nasdaq-listed mining company wants to become a "pure-play bitcoin investment option" for Wall Street.

By Danny Nelson
Updated Sep 14, 2021, 11:00 a.m. Published Jan 25, 2021, 1:00 p.m.
Crypto mining machines. (lmstockwork/Shutterstock)
Crypto mining machines. (lmstockwork/Shutterstock)

Cryptocurrency mining company Marathon Patent Group (MARA) bought $150 million in bitcoin for around $31,100 apiece during the crypto asset’s recent price rout.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The Nasdaq-listed firm said Monday it purchased the cryptocurrency through institutional bitcoin shop NYDIG. Marathon is the latest publicly traded company to swap a cash treasury for bitcoin, and, with 4,812.66 BTC now on the books, one of the largest by sheer investment size.

Marathon CEO Merrick Okamoto said in a statement the bitcoin buy “accelerates” his mining company’s transformation into a “pure-play bitcoin investment option” for crypto-hungry Wall Street traders.

Wall Street traders already have a few options on that front, some more creative than others. There’s Square, the payments company and Cash App owner with 4,702 BTC. And there’s Grayscale Bitcoin Trust, which has purchased over 600,000 BTC for its investors, many institutional. (Grayscale is owned by CoinDesk parent company Digital Currency Group).

But Nasdaq’s flashiest indirect bitcoin exposure vehicle is perhaps business intelligence company MicroStrategy, whose semi-regular bitcoin buys (it now holds 70,784 coins) have wooed investors, and boosted MSTR's share price 370% since July.

Read more: Michael Saylor: Bitcoin’s Cyber Hornet

Bitcoin mining company stocks have tracked with the market-leading crypto asset's recent price boom. But Marathon's investment strengthens its ties even further, seeking to peg its appeal even more tightly to bitcoin with the investment.

While fellow public crypto miners Riot Blockchain and Hut 8 (a Canadian firm) also hold bitcoin on their balance sheet, those larger miners amassed their troves by mining and holding, not, like Marathon, through a direct investment model.

They’ve been more successful by the numbers. In Q3 2020 Riot reported $2.4 million in mining revenue and Hut 8 disclosed $4 million. Marathon’s far smaller mining fleet generated just $835,184 in revenue in the same period.

The bitcoin mining industry is now going through what Okamoto has called an “arms race” for new rigs. More mining machines means more mining power means more potential bitcoin, and Marathon is racing to catch up.

Marathon entered 2021 on a cash-raising tear as CEO Okamoto raced to win the mining rig “arms race.” Determined to push its rig count above 103,000 by next year, the company raised $200 million in early January and an additional $250 million just over a week later. Okamoto has said the capital infusions will fund business expansions.

See also: Hut 8 Completes $11.8M Financing for New Bitcoin Mining Machines

The company will not reach its target mining capacity anytime soon. In the interim, it’s leveraging its cash “to invest in bitcoin now,” Okamoto said.

Okamoto told CoinDesk that Marathon had $425 million in cash on hand before completing its $250 million equity raise. He would not say how much cash the company has left.

Bitcoin MininginvestmentsMarathon Patent Group
Danny Nelson

Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.

X icon
Danny Nelson
Latest Crypto News
Article image

test research article

2 hours ago

(CJ/Unsplash)

XRP Futures Start Trading on CME - Hubert Test May 21

21 hours ago

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 19, 2025

JPMorgan Chase CEO Jamie Dimon (Photo by Kevin Dietsch/Getty Images)

JPMorgan To Allow Clients To Buy Bitcoin, Says Jamie Dimon

May 19, 2025

Consensus 2025: Paul Brody, Josh Stark

Bitcoin Is the Asset, Ethereum Is the Platform

May 19, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Top Stories
hack keys

WazirX Creditors Back Restructuring Plan to Payback $230M Hack Victims

Apr 8, 2025

(Ryan Quintal/Unsplash, Modified by CoinDesk)

Ripple, BCG Project $18.9T Tokenized Asset Market by 2033

Apr 7, 2025

MicroStrategy's Michael Saylor (CoinDesk)

Strategy Didn't Add Bitcoin Last Week, Expects to Book $6B Loss on Holdings in Q1

Apr 7, 2025

Galaxy founder Mike Novogratz (Shutterstock)

Galaxy Digital Gets SEC Nod for U.S. Listing, Eyes Nasdaq Debut in May

Apr 7, 2025

President Donald Trump (Shutterstock)

The All-Important U.S. 10-Year Yield Is Moving in the Wrong Direction for Trump

Apr 8, 2025

The Cboe Global Markets Inc. building in Chicago (Scott Olson/Getty Images)

Cboe Set to Debut New Bitcoin Futures With FTSE Russell

Apr 8, 2025

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus 2025
        • Consensus 2025 Coverage
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk