MARA Stock Eyes 3x Rally As Marathon Digital Plans Big AI Push

Following the Bitcoin halving event in April, Bitcoin miner Marathon Digital faced major headwinds with the MARA stock correcting 30% year-to-date. However, market analysts believe that there’s no further scope for downside correction and MARA share price could be heading for a 3x rally from here. Another major catalyst would be MARA Holdings focusing on revenue boost by offering advanced infrastructure catering to the demand of the AI industry.

MARA Stock Rally to Begin Soon on Macquarie Buy Call

Robert Samuels, VP of Investor Relations at Marathon Digital, shared his excitement following Macquarie’s positive recommendation of Marathon Holdings stock.

The report from Macquarie stated that Marathon Digital continues to lead the crypto mining industry, adding that “MARA is not only a top performer in mining but also supplies physical and digital infrastructure, including its mining pool, miner firmware, an Auradine stake (an ASIC manufacturer), and advanced two-phase liquid immersion cooling.”

Macquarie also stated that Marathon is working to expand its capacity eyeing an operational capacity of 50 EH/s by the end of 2024. It is also building a strong social license through its innovative energy harvesting efforts in stranded gas and heat recycling.

The MARA Stock has been in demand recently with Canada’s Public Sector Pension Investment Board making fresh purchases of the stocks. As per the latest report, the firm has purchased a total of 600,518 MARA shares valued at nearly $12 million. By the end of the second quarter, the Public Sector Pension Investment Board owned 0.21% of Marathon Digital.

The MARA Holdings share price is currently trading at $16.14. for a long period, it has been trading in the accumulation range of $13-$16. Market analysts are predicting a violent breakout on the upside for the MARA stock with the possibility of a 3x rally if the Bitcoin price resumes rally to $90,000. Following the Bitcoin halving, Bitcoin miners’ revenue slumped by nearly 57% leading to major stock corrections. However, these days seem to be behind us!

Marathon Digital Making the AI Push

In his recent appearance on Bloomberg TV, Marathon Digital CEO Fred Thiel explained how the Bitcoin miner is making the push adding that the company’s two-phase immersion cooling technology could help the AI industry reduce its water consumption.

Thiel explained that this innovative solution offers a cost-effective alternative for cooling AI infrastructure, which typically relies on large amounts of water.

On the other hand, Marathon Digital has been aggressively buying Bitcoins in recent weeks. Last month, Marathon announced to conversion of $250 million in convertible notes to Bitcoin.