IP licensing and management company Marathon Patent Group said it entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures (GBV), a digital asset technology company that mines cryptocurrencies.
The closing of the transaction is subject to requisite approvals.
“We previously expressed our intent to review alternative business directions with the goal of enhancing shareholder value,” said Marathon Patent Group CEO Doug Croxall.
“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, said: “This transaction marks a major milestone for GBV and sets the stage for rapid revenue acceleration in the years ahead.”
Marathon Patent Group said GBV powers and secures blockchains by operating custom hardware and software, which verify blockchain transactions.
It said GBV currently owns 250GH/s of GPU mining servers and plans to add 14PH/s of ASIC hashing servers.
“This acquisition provides investors an opportunity to invest in one of the first NASDAQ-listed public companies to enter this rapidly growing industry,” stated Marathon Patent chairman Merrick Okamoto.
Blockchains are decentralized digital ledgers that record and enable secure peer-to-peer transactions without third party intermediaries.
Blockchains are secured by miners that use powerful computer networks to secure and verify every transaction.