Marathon Patent Group Inc (NASDAQ: MARA) gained ground Monday, after reporting a Q3 adjusted loss of $0.23 per share on revenue of $163,000. The revenue figure compares with a Q3 2016 number of $43,000.
Operating loss was approximately $3.9 million (including non-cash expenses) for the three months ended September 30, 2017 compared to an operating loss of $10.7 million for the three months ended September 30, 2016.
From a strategic perspective, Marathon entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures Inc., a digital asset technology company that mines cryptocurrencies. GBV has robust infrastructure in place with significant capability for expansion. The closing of the transaction is subject to obtaining requisite approvals.
Said Marathon CEO Doug Croxall, “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."
GBV is a technology company that powers and secures Blockchains by operating custom hardware and software, which verify Blockchain transactions. GBV currently owns 250GH/s of GPU mining servers and plans to add 14PH/s of ASIC hashing servers.
The Company intends to update investors more specifically on the transaction on November 27, when we will be conducting an investor update conference call.
The news – both present and future – helped to raise the company’s stock price by 13.5 cents, or 9.7%, to $1.53.
