Marathon Digital Sets Record BTC Production in January

7. Februar 2023 Aus Von admin

• Marathon Digital Holdings Inc sold 1,500 bitcoin last month while mining a record 687 BTC.
• Wall Street has an average price target of a little under $12 for shares of Marathon stock.
• The company plans to continue selling bitcoin in order to cover operational costs.

Marathon Digital Produces Record Number of Bitcoin

Marathon Digital Holdings Inc recently announced that it produced a record 687 Bitcoin (BTC) during the month of January. This represents a 45% sequential increase from the previous month and puts the digital asset technology company in a strong position to reach its growth and operational targets for 2023.

Shares of Marathon Stock Fall After Sale of BTC

The sale of 1,500 BTC last month by Marathon was used to fund its operational costs; however, this caused shares of Marathon stock to fall nearly 15% due to decreased production compared to sales. Despite this, Wall Street analysts are still maintaining an overweight rating on “MARA” with an average price target slightly below $12 per share.

BlackRock Confirms Investment in Marathon Digital

Last week, BlackRock confirmed that it now owns 8.62 million shares of Marathon Digital which amounts to 7.4% ownership of the company. This comes as no surprise since the stock has more than doubled since the start of 2021 and is expected to report 19 cents loss per share when it releases its Q4 financial results early next month.

Marathon Plans To Continue Selling BTC

       According to the press release issued by Marathon, they plan on continuing liquidation of their BTC holdings in order to cover operational costs as well as increasing their unrestricted cash and BTC holdings which now stand at $133.8 million and 8,090 respectively.        

Conclusion

Overall, Marathon Digital’s production report highlights their commitment towards achieving growth and operational targets this year while also providing them with enough liquidity through liquidation activities that can be used for funding their operations moving forward into 2023 and beyond