Cryptocurrency enthusiasts might be disappointed with the stagnant state of Bitcoin (BTC-USD) lately. However, Marathon Digital Holdings (NASDAQ:MARA) is getting serious about mining for Bitcoin — and there are numbers to prove it. Much of the recent talk about Marathon Digital Holdings has revolved around the possibility of the company being taken over by a larger company. InvestorPlace contributor Faisal Humayun posited, “Marathon Digital seems like an attractive acquisition target and any possible deal will create meaningful value for investors.” If there is a takeover, then it is highly probable that MARA stock would move higher. However, there is no guarantee that this event will happen. Besides, a takeover possibility isn’t the only reason to buy the stock.
After peaking at $83.45 per share last year, MARA stock plummeted to the $20 area not long ago. One likely contributing factor has been the decline of Bitcoin to $40,000. If you’re bullish on Bitcoin, though, then this is a great time to consider a long position in MARA stock. Marathon Digital Holdings is among the most ambitious Bitcoin miners around and a recent press release quantifies the company’s crypto production ramp-up.
If you can believe it, Marathon Digital Holdings produced 1,259 self-mined Bitcoin in the first quarter of 2022. That’s up 556% compared to 2021’s first quarter. Furthermore, the company produced 436.1 self-mined Bitcoin in March of this year. That figure represents a 21% increase compared to the previous month. Additionally, Marathon Digital Holdings successfully deployed 1,320 cryptocurrency miners in March. The lesser competitors are going to have a tough time keeping up with that!
All told, Marathon Digital Holdings’ existing mining fleet consists of 36,830 active cryptocurrency miners. It is as if the company is out to completely destroy the competition.
Nevertheless, Wall Street doesn’t seem to fully appreciate Marathon Digital Holdings’ resources and the company’s ambition. Therefore, investors should consider taking a long position in MARA stock, especially if they’re anticipating an upward move in the Bitcoin price soon.
On the date of publication, David Moadel 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.
