Marathon Patent Group Inc (NASDAQ:MARA) has finalized a definitive purchase deal to buy 100% stake of Global Bit Ventures Inc., a digital asset technology firm that mines cryptocurrencies. GBV has strong infrastructure in place with considerable capability for expansion. The completion of the deal is subject to getting requisite approvals.
Doug Croxall, the CEO of Marathon Patent, expressed that they previously expressed their intent to assess alternative business directions with the objective of increasing shareholder value. They consider the acquisition of Global Bit Ventures will take benefit of an underway revolution in digital transactions done on blockchains as they witness increasing proliferation and adoption of blockchain protocols in everyday lives.
Charles Allen, the Director of GBV, expressed that this deal marks an important milestone for company and establishes the stage for fast revenue growth in the imminent years. GBV is a technology firm that powers and secures Blockchain by operating custom software and hardware, which validate Blockchain transactions. GBV presently has 250GH/s of GPU mining servers and intends to bring 14PH/s of ASIC hashing servers to its portfolio.
Merrick Okamoto, the Chairman of Marathon Patent, expressed that this deal offers shareholders a chance to invest in one of the preliminary NASDAQ-listed public firms to enter this fast growing industry. Blockchains mark as decentralized digital ledgers that list and allow secure peer-to-peer deals without third party intermediaries. They are secured by miners that utilize powerful computer networks to verify and secure every transaction.
Global Bit Ventures is a growth oriented firm with businesses in Quebec where it is strategically placed to accelerate growth. It owns advanced GPU-based servers utilized to mine digital assets. Marathon comes in the list of an IP licensing and management firms. It buys and manages IP rights from distinct sources, including small and large firms, universities and other IP owners. The firm has its international focus on IP acquisition and management.