Marathon Patent Group (NASDAQ:MARA) stock is on the rise Wednesday despite a lack of news from the company.
Investors are taking an interest in MARA stock with heavy trading taking place today. As of this writing, more than 25 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is roughly 15 million shares.
So why exactly are investors boosting up MARA stock today? It all has to do with bitcoin prices. The price of bitcoin broke a record this morning when it moved above $20,000. That’s something that analysts have been expecting for some time. There’s also hopes it will continue to rise.
This matters to MARA stock because the company is focused on mining the cryptocurrency. With that in mind, it only makes sense that Marathon Patent Group would see an increase in its stock as bitcoin hits a new milestone.
Marathon Patent Group announced last week that it’s expanding its bitcoin mining operations. The company is acquiring another 10,000 S-19J PRO ASIC miners. That will bring its total miner count up to 33,560 of these devices.
MARA stock was up 20% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.