Although Marathon Patent Group (NASDAQ: MARA) has not released any new information this week, its stock is still on the rise in the pre-market session today. The Company’s stock was trading higher 18.40% to reach $9.70.
As of this writing, more than 25 million shares of MARA stock have changed hands. To put that in perspective, the stock’s average daily trading volume is approximately 15 million shares.
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The reason investors are stoking up MARA stock today has to do with bitcoin prices. The price of bitcoin broke a record this morning at $20,000. That’s something analysts have been expecting for a long time. That also indicates the price will continue to rise.
With Marathon Patent Group’s focus on mining bitcoin, it only makes sense that MARA stock would rise as bitcoin reaches a new milestone.
As we reported last week, Marathon Patent Group announced that it was expanding its bitcoin mining operations. The company is adding 10,000 more S-19J PRO ASIC miners, which will bring its total to 33,560 of these devices.