- A 100% surge in Bitcoin prices in 2023 has also boosted the earnings of Bitcoin miners following the harsh crypto winter of 2022.
- Marathon Digital announced plans to raise up to $750 million through a mixed equity offering, according to the latest application.
- Shares of Marathon Digital (NASDAQ: MARA) surged by 23% this week, a growth that is in line with Bitcoin’s 12% increase during a similar time frame.
Bitcoin mining giant Marathon Digital stated that it wants to raise funds in its latest application to the US Securities and Exchange Commission.
Bitcoin Mining Company Marathon to Raise Funds
The 100% increase in Bitcoin prices in 2023 has also boosted the earnings of Bitcoin miners following the harsh crypto winter of 2022. Bitcoin mining giant Marathon Digital is preparing to raise a significant fund, as per its latest filing with the US Securities and Exchange Commission (SEC).
According to the filing, Marathon Digital has disclosed plans to raise up to $750 million through a mixed equity offering. The company held 13,726 Bitcoins as of September 30 and was mining around 1,000 Bitcoins monthly. Marathon has filed a FORM S-3 application with the US Securities and Exchange Commission. The proceeds from this offering will be used for investments in new mining equipment and expanding operational capacity.
Marathon Digital is publicly traded on the Nasdaq stock exchange under the trading symbol “MARA.” This week, Marathon Digital shares experienced a strong uptick alongside the robust price rally in Bitcoin.
Shares of Marathon Digital (NASDAQ: MARA) surged by 23% this week, a growth that is in line with Bitcoin’s 12% increase during a similar time frame. However, stocks follow regular trading hours while Bitcoin trades continuously. Nonetheless, underlying economic principles align this kind of correlation with anticipated price movements.
MARAs shares have seen a period where the current $9 price increased by 164% since the beginning of the year. Nevertheless, the stock is trading at a 50% discount compared to the $19 stock price observed in July of this year.
3rd Quarter Revenue Figures
Expectations are high for Marathon Digital as it is set to announce its 3rd-quarter figures for 2023 next month in November 2023. It was reported that in the final quarter of the 2nd quarter of 2023, there was a three-fold increase in the miner’s revenue, surpassing $80 million. The company had also narrowed its losses in the last quarter and was expecting to carry this trend further. With the rise in Bitcoin prices this year, Bitcoin miners are selling their assets.
