Marathon Patent Group’s Revenues Jump 54 Percent

Marathon Patent Group (NASDAQ:MARA), the first publicly traded blockchain company announced its second quarter financial results, with revenue figures rising 54 percent year-over-year to US$355,000. Net loss for the company improved while cash stood at US$1.7 million.

As quoted in the press release:

Merrick Okamoto, Chief Executive Officer, stated, “We’re pleased to show continued financial improvement year to date, including a 54% increase in sequential 2019 quarterly revenues. As expected, recent improvements in the price of Bitcoin are clearly beneficial to our ongoing mining operations. Should prices continue to sustain at current levels, we believe it sets the stage to benefit our financial performance going forward.”

Okamoto added, “We are particularly pleased to have just recently welcomed Jesse Lund, former Head of Blockchain for IBM to our team. Jesse previously lead IBM’s blockchain market development, digital currency strategy, solutions engineering and client engagement for banking and financial services. I look forward to working with him as we seek potential acquisition opportunities along with helping to monetize our patents, both which have the potential to create meaningful value for our shareholders.”

Click here to read the full press release.