As the crypto rally continues, one Bitcoin (BTC-USD) miner is taking steps to expand its reach. On March 25, Marathon Digital (NASDAQ:MARA) announced the launch of MARAFW firmware and the MARA UCB 2100 control board. In a statement, the company noted that both products are “designed to improve the performance, efficiency, and versatility of various Bitcoin mining rigs.”
MARA stock initially rose on the news yesterday. While shares have dipped back into the red today, the BTC rally isn’t slowing down and is likely to keep boosting stocks in this space. That means that MARA could turn around in the near future.
Shares of Marathon Digital have surged more than 145% over the past six months. But even in the face of the current Bitcoin rally, MARA is considered to be a speculative pick. Still, these new products could help the company show investors why shares are an excellent play on the 2024 crypto boom.
What’s Happening With MARA Stock?
Although it fell this morning, MARA stock appears to be back on an upward trajectory. As of this writing, shares are down by 1.6% for the day but working hard to pull back into the green. Trading has been fairly volatile this week but, through it all, Marathon Digital has been able to remain mostly in the green.
Shares likely won’t be in the red for long today. Bitcoin is still rising steadily and Marathon’s new products highlight the firm’s focus on innovation and growth. After developing them for the past year, the company is finally ready to roll these products out.
Chairman and CEO Fred Thiel stated in the press release:
“One of Marathon’s key differentiators is its vertical tech stack, and for the first time, we are providing the broader mining community with an opportunity to experience some of the proprietary technologies that set Marathon apart.”
Even before this key update, though, experts were turning increasingly bullish on MARA stock. InvestorPlace’s Louis Navellier recently described the stock as the “alpha play for crypto bulls.” Navellier stressed the importance of patience and vigilance for investors but also noted MARA’s growth potential given its high-beta nature.
What Comes Next?
April 2024 is almost here and that means the next Bitcoin halving is quickly approaching. In fact, this key event could happen even sooner than expected. As investors prepare for what will undoubtedly be the year’s biggest crypto event, momentum is high and enthusiasm for crypto markets is even higher. For MARA stock, the landscape looks promising, even as investors question how high the crypto miner can go.
On the date of publication, Samuel O’Brient did not hold (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.
