Marathon Patent (NASDAQ:MARA) stock is on the rise Wednesday following news from the crypto mining company.
In a news release, Marathon Patent reveals details from its new investor presentation. This has it mentioning its balance sheet, which includes $24.6 million in cash and no debt. The company also notes it’s moving forward with its growth strategy.
According to the Marathon Patent news release, the crypto company is set to reach full capacity in the second quarter of 2021. This will allow it to produce between 15 and 20 bitcoins per day at a cost of $3,863 per bitcoin.
Marathon Patent notes that this will allow it to generate $8.8 million in revenue per month. That should set it up for $6.7 million in gross profit per month. These numbers are based on a bitcoin price of $16,000.
Merrick Okamoto, CEO of Marathon Patent, said this about the crypto news.
“Due to the substantial progress we’ve made in the past few months scaling the business and improving our financial position, we thought it was appropriate to disclose more pertinent operational and financial metrics subsequent to publishing our third quarter 2020 results.”
Marathon Patent’s investor update comes as the price of bitcoin has continued to rise. Analysts believe there’s a chance bitcoin could race as high as $318,000. That’s been a boon for other mining companies as well. Also, it’s pushing other cryptocurrencies up at the same time.
MARA stock was up 5.2% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.