HIVE - Why did Marathon Digital stock go up today? Thank bitcoin's rally
2023-06-23 15:43:08 ET
Marathon Digital Holdings ( NASDAQ: MARA ) shares climbed 7% in Friday mid-afternoon trading as bitcoin's ( BTC-USD ) rally to its highest level in a year boosted crypto-linked stocks.
MARA is on course to close out the holiday-shortened week 21% higher, taking its year-to-date gains to 272%. The upswing comes as bitcoin ( BTC-USD ) jumped to a one-year high, touching as high as $31.4K, during the session.
Fellow bitcoin ( BTC-USD ) miners Riot Platforms ( RIOT ), +9.1% , Hut 8 Mining ( HUT ), +16.8% , HIVE Blockchain ( HIVE ), +22.2% , and Bit Digital ( BTBT ), +22.3% , are also eyeing big gains for the week.
Note that Marathon ( MARA ) generates revenue by mining BTC at third-party hosting facilities. Its profitability largely depends on the price of BTC as well as electricity costs. Therefore, there is a strong relationship between the stock price of Marathon and that of BTC.
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Why did Marathon Digital stock go up today? Thank bitcoin's rally