Marathon Digital (NASDAQ:MARA) stock is rising higher on Wednesday despite a lack of news from the crypto mining company.
Instead of news from MARA, it looks like Bitcoin (CCC:BTC-USD) is behind the bump to the stock today. The price of BTC has jumped 2.9% over a 24-hour period as of Wednesday afternoon. That increase has Marathon Digital rising alongside it.
Let’s take a look at everything investors need to know about MARA stock as it rises higher today.
- Marathon Digital is a crypto mining company that focuses on Bitcoin.
- It plans to become the largest Bitcoin mining operation in North America.
- The company plans to do this while also keeping energy costs low for its mining operations.
- Specifically, it plans to increase Bitcoin production by improving its hash rate.
- It also wants to reduce the risk to its business by setting up contracts that protect it from declines in BTC prices.
- The company also points out that MARA stock acts as a way for traders to invest in Bitcoin without holding it directly.
- However, the recent stock movement shows that MARA traders will still be subject to some volatility when the price of BTC changes.
MARA is seeing a decent amount of trading today with some 10 million shares on the move as of this writing. That’s approaching the company’s daily average trading volume of about 13.5 million shares.
MARA stock is up 4% as of Wednesday afternoon.
Investors looking for more stock and crypto news are in luck!
InvestorPlace has all the most recent stock news that traders need to know about for Wednesday. That includes Robinhood (NASDAQ:HOOD) potentially adding Shiba Inu (CCC:SHIB-USD), as well as price predictions for Solana (CCC:SOL-USD) and Cardano (CCC:ADA:USD).
More Wednesday Crypto News
- Is Robinhood Really About to List Shiba Inu in an Answer to the #ShibaArmy’s Prayers?
- Solana Price Predictions: Why Some Analysts Think SOL Crypto Will Hit $20K by the End of 2022
- Cardano Price Predictions: Where Will ADA Go After a Big Crypto Crash?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.