NewsletterBitcoin Miner Marathon Digital to Raise $750 Million Amid MARA Stock Rally
The 100% Bitcoin price rally this year in 2023 has also pumped the revenues of Bitcoin miners after a brutal crypto winter of 2022. Bitcoin Mining Giant Marathon Digital is now gearing up for a major fundraise as per its recent filing with the U.S. Securities and Exchange Commission (SEC).
Marathon Digital to Raise $750 Million
Marathon Digital has announced plans to raise up to $750 million through a hybrid equity offering, as per the filing. As of September 30, the company held 13,726 Bitcoins and was generating over 1,000 Bitcoins monthly.
It has submitted a FORM S-3 filing to the U.S. Securities and Exchange Commission. The proceeds from this offering will be allocated towards investments in new mining equipment and expanding its operational capacity.
Marathon Digital is publicly traded on the Nasdaq stock exchange, using the ticker symbol “MARA”. Amid the strong price rally in Bitcoin this week, the stock of Marathon Digital also saw a strong upside.
Marathon Digital (NASDAQ: MARA) shares have surged by 23% this week. This gain is in line with Bitcoin’s (BTC) 12% increase over a similar timeframe, although it’s important to note that BTC trades continuously while stocks follow regular trading hours. Nevertheless, this price movement in the underlying asset aligns with expectations, as basic economic principles suggest such a correlation.
Since the beginning of the year, the MARA stock has gained a staggering 164% as of the current price of $9. However, the stock is still trading at a 50% discount from the $19 stock price witnessed earlier this year in July 2023.
Q3 Revenue Numbers
Expectations from Marathon Digital are high as it is set to release its Q3 2023 numbers next month in November 2023. During the last quarter of Q2 2023, the Bitcoin miner reported a threefold surge in its revenue shooting past $80 million. Additionally, the company also narrowed losses during the last quarter and further expected to do it ahead.
With the rise in the bitcoin price this year, Bitcoin miners have been selling their holdings.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
