Marathon Digital Sells BTC, Boosts Stock Price by 10%
- Marathon Digital sold 15,133 BTC for nearly $1.1 billion between March 4 and March 25.
- The sale proceeds will be used to repurchase convertible notes, preventing potential dilution of equity.
- MARA stock rose as much as 10%, reaching $9.30, and is currently trading around $8.70, up over 5% today.
- Despite the recent gains, MARA is down over 9% year-to-date and almost 50% in the last six months.
- With this sale, Marathon is now the third-largest public company holding Bitcoin, behind Tether-backed Twenty One Capital.
This strategic move comes amid a challenging bear market affecting miners like Marathon Digital, which has seen its stock closely follow Bitcoin’s price trends.
Following the sale of BTC, MARA stock’s rise reflects investor confidence in its plans to manage debt effectively while navigating current market conditions.(Source)
