Shares of Marathon Digital Holdings (MARA) surged on Monday after the cryptocurrency miner announced a significant increase in mining capacity in the first quarter, allowing it to up its stake in Bitcoin (BTC) by a considerable margin.
MARA stock jumped 15.8% to close at $56.56, marking a new all-time high. The crypto mining stock rose by as much as 17.1% earlier in the day.
Marathon Digital’s share price closes at a new all-time high. Source: TradingView
By comparison, the technology-focused Nasdaq Composite Index rose 1.7% on Monday. Meanwhile, the Bitwise 10 Crypto Index Fund advanced 1.9%
At current values, Marathon Digital has a total market capitalization of $5.6 billion, putting it among the largest crypto proxy stocks.
Marathon mined 196 BTC in the quarter ending March 31, bringing its total holdings to 5,134.2 BTC, the company announced Monday. At current values, Marathon’s Bitcoin holdings are worth nearly $302 million.
In addition to mining the digital asset, Marathon purchased 4,812.66 BTC in January at an averageTitle: Marathon Digital stock soars after company ramps up BTC mining in Q1
Sourced From: cointelegraph.com/news/marathon-digital-stock-soars-after-company-ramps-up-btc-mining-in-q1
Published Date: Mon, 05 Apr 2021 21:15:00 +0100