Marathon to Buy Fastblock Mining for About $22M in Stock
Nasdaq-listed cryptocurrency mining company Marathon Patent Group signed a letter of intent to acquire the mining-as-a-service company Fastblock Mining, founded in 2014, in an all-stock transaction.
- Marathon will acquire Fastblock for 8,658,009 common shares, currently trading around $2.48, giving the deal a total value of about $22 million.
- After deploying Fastblock’s 3,304 ASIC miners, Marathon’s mining power will increase by 208 petahash per second, according to the announcement.
- Fastblock has been “actively seeking a partner that could help us build one of the largest Bitcoin Mining companies in North America,” according to CEO Bernardo Schucman, adding that he and his company are “extremely pleased” to join Marathons mining expansion efforts.
- Schucman will stay on with Marathon after the deal and become its head of mining operations.
- The acquisition is the latest move in the American mining company’s push to rapidly expand its mining operations. On Monday, Marathon announced its receipt of 1,300 new mining machines – WhatsMiner M31S+ and S19 Pros – with 1,000 additional S19 Pros expected to arrive by December.
- Marathon’s acquisition of Fastblock is expected to close by the end of September, according to the announcement.
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