The Bitcoin miner has soared over 2,200% over the past six months following the Bitcoin pump.
It isn’t surprising that Marathon Patent Group (MARA) stock has outperformed the rest of the market in the past six months. The cryptocurrency market has played a key role in taking MARA stock to the moon—Bitcoin’s record surge.
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However, in the last couple of days, the shares price of MARA has plunged due to the dramatic change in the price of BTC. Recently, Bitcoin touched its all-time high of $41,962.36, but it is poised to drop back. With that, MARA stock will also drop back to its original price mark. With that being said, does Marathon hold the potential to grow in the long-term?
What’s Next?
Marathon Patent Group (MARA) is a patent-holding company that is the parent of Uniloc and known for its work in cryptocurrencies. Recently, the company announced the signing of securities purchase agreements with its institutional investors to sell its common stock worth $250 million.
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Investors will purchase Marathon’s common stock in a registered direct offering at a per-share price of $20. The company is set to offer approximately 12.5 million of its common stock shares. The bitcoin miner firm intends to use the gross proceeds from the offering to fund its ongoing operations, expand its business, and for general corporate purposes.
In the first week of 2021, the company raised $200 million—which Marathon will use for buying a new bitcoin mining machine. Moreover, with the gross proceeds of $250 million from the common stock offering, the company will purchase more bitcoin mining material.
Marathon’s tilth towards Bitcoin is a very big game in the long-term. For investors, they need to understand that cryptocurrencies are getting more approval across the gross. Back in 2017, when Bitcoin soared over $20,000, most of the financial institutions and governments were opposing the digital currency.
However, things have changed in the past three years. For instance, back in the days, JPMorgan said that Bitcoin was a fraud. Now, the same JPMorganhasestimated Bitcoin to explode over $146K+ in the long-term. So, things have unfolded in bitcoin’s favor over the years. These are some key aspects that Marathon investors need to know as the new chapter of Bitcoin begins.
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Conclusion
Marathon is a prominent Bitcoin miner and the company gets paid in BTC. With the rise in BTC price, the company makes enormous gains. The growing popularity of bitcoin has increased the mining power in the blockchain world. And, that’s where Marathon gets a huge potential. However, bitcoin will face a dump period in the coming weeks, but in the long run, it is expected to cross its current all-time high mark, which will ultimately help MARA stock to boom.