MARA Holdings Inc Stock Price, News & Analysis

Marathon Digital Holdings (NASDAQ:MARA) announced the delivery of 6,300 Antminer S-19 PRO ASIC miners from Bitmain, boosting its mining fleet to approximately 12,920 miners. The fleet is expected to generate around 1.4 EH/s by the end of March 2021, following the previous delivery of 4,000 miners in February. Additionally, another 4,800 miners are set for shipment in April. CEO Merrick Okamoto expressed optimism about the company's operational expansion this year, highlighting the timely deliveries as crucial for scaling their mining operations.

Marathon Patent Group, now renamed Marathon Digital Holdings, reflects its focus on cryptocurrency mining and digital assets. Effective March 1, 2021, this rebranding aims to align its identity with its core operations. Since its transformation, Marathon has invested $150 million in Bitcoin and acquired over 103,060 Bitcoin miners, positioning itself as a leading player in the market. The company is also launching a new corporate website to complement its new branding, reflecting its growth strategy in the digital asset space.

Marathon Patent Group (NASDAQ:MARA) announced the shipment of 4,000 Antminer S-19 Pro ASIC miners from Bitmain to its Hardin, MT facility, scheduled for installation by the end of February. This will increase their mining fleet to 6,560 miners, boosting hashrate from 248 PH/s to approximately 688 PH/s, a 256% rise. Marathon has acquired 103,060 miners total, projecting a potential output of 55-60 bitcoins daily, translating to an estimated $51.5 million monthly revenue at a Bitcoin price of $30,000.

Marathon Patent Group (NASDAQ:MARA) has awarded a one-year grant to Bitcoin core developer Jonas Schnelli, enhancing its commitment to support Bitcoin network development. This funding follows Coinbase's recent initiative to provide grants to developers, including Schnelli, after Bitmain ceased its financial support. Marathon's CEO, Merrick Okamoto, emphasized the importance of core developers for the efficacy and adoption of Bitcoin, which directly relates to the company’s business interests.

Marathon Patent Group (NASDAQ: MARA) has acquired 4,812.66 BTC for $150 million, solidifying its status as a significant pure-play Bitcoin investment option. This strategic move positions Marathon uniquely among Nasdaq-listed companies for institutional exposure to Bitcoin. Collaborating with NYDIG, they executed the purchase efficiently, capitalizing on market conditions. The company anticipates enhanced treasury reserves in Bitcoin as a long-term strategy, aligning with trends seen in firms like MicroStrategy. Furthermore, Marathon plans to deploy 103,060 miners by Q1 2022, potentially producing 55-60 BTC daily.

Marathon Patent Group (NASDAQ: MARA) has appointed Kevin A. DeNuccio to its Board of Directors, replacing David Lieberman. With over 25 years in technology leadership, DeNuccio has held executive roles at major companies like Verizon and Cisco, and has experience in guiding startups in the SAAS sector. His arrival is expected to enhance Marathon's strategic direction, especially as the company seeks to expand its Bitcoin mining operations. CEO Merrick Okamoto expressed confidence in DeNuccio's ability to drive shareholder value during this growth phase.

Marathon Patent Group (MARA) has successfully closed a registered direct offering of 12,500,000 shares at $20.00 each, generating gross proceeds of $250.0 million. The offering was facilitated by H.C. Wainwright & Co. The company plans to use the net proceeds for general corporate purposes and to support ongoing operations and expansion. The registration statement was filed with the SEC on January 12, 2021, becoming effective immediately.

Marathon Patent Group (Nasdaq:MARA) has entered into agreements to sell 12.5 million shares of common stock at $20.00 per share in a registered direct offering, aiming to raise approximately $250 million before expenses. H.C. Wainwright & Co. is acting as the exclusive placement agent. The offering's proceeds will be used for general corporate purposes and business expansion. The transaction is expected to close around January 15, 2021, subject to closing conditions. A registration statement for the offering has been filed with the SEC.

Marathon Patent Group (NASDAQ: MARA) and DMG Blockchain Solutions have entered a non-binding memorandum to create Digital Currency Miners of North America (DCMNA), a non-profit aimed at enhancing mining conditions for North American miners. Marathon plans to contribute its entire hashrate of 10.36 EH/s to DCMNA, which will establish the first cooperative mining pool in North America. Benefits include profit sharing, increased transparency through independent audits, and lobbying for better mining regulations. Operations are expected to start after a definitive agreement.