Marathon Patent Group, Inc., an IP licensing and management company, announced in a press release CoinReport received that it has entered into a definitive acquisition agreement to buy 100% ownership of Global Bit Ventures Inc. (GBV), a digital asset technology firm that mines digital currencies.
GBV has robust infrastructure in position with substantial capability for growth. The conclusion of the contract is dependent on procurement of mandatory sanctions.
Marathon Patent Group CEO Doug Croxall said in the press release we received, “We previously expressed our intent to review alternative business directions with the goal of enhancing shareholder value.
“We believe the acquisition of Global Bit Ventures will take advantage of an ongoing revolution in digital transactions conducted on blockchains as we see increasing adoption and proliferation of blockchain protocols in our everyday lives.”
Charles Allen, director of GBV and an initial mover in the digital asset industry, stated, “This transaction marks a major milestone for GBV and sets the stage for rapid revenue acceleration in the years ahead.”
GBV powers and secures blockchains by operating custom-made software and hardware, which verify blockchain transactions. GBV currently owns 250GH/s of GPU mining servers and aims to add 14PH/s of ASIC hashing servers.
Merrick Okamoto, Marathon Patent Group’s chairman of board of directors, said, “This acquisition provides investors an opportunity to invest in one of the first NASDAQ-listed public companies to enter this rapidly growing industry.”