Crypto News – Marathon Digital SmallCap 600: Bitcoin Mining Company’s Shares Rise 18%
Crypto News – Following confirmation that it would be joining the SmallCap 600 index fund, shares of Marathon Digital, the largest Bitcoin miner in the world by market capitalization, surged by 18%. Following Friday’s trade, the S&P Dow Jones Indices announced that Marathon will take Aaon’s spot in the index on May 8 as the manufacturer of heating and ventilation systems. According to Google Finance, Marathon Digital (MARA) shares increased by almost 18% to $20.67 on Monday, May 6.
280% Revenue Increase Expected in Marathon’s First Quarter Earnings
Following the April 20 Bitcoin halving, which reduced miner block rewards from 6.25 BTC to 3.125 BTC, or $198,000 at current prices, the stock price has increased by 25.2%. On February 28, MARA hit a high of $31.03, but it has since dropped 9.86% year to date.
With a market cap of $5.6 million and the S&P SmallCap 600 employing a float-adjusted market cap weighting mechanism, Marathon is probably among the larger-weighted stocks. When Marathon reports its first-quarter earnings on May 9, investment research firm Zacks anticipates 280% year-over-year (YOY) revenue growth to $193.9 million and $0.02 earnings per share, a 166.7% YoY gain. This news coincides with Marathon’s inclusion in the index.
FAQ
What is the S&P SmallCap 600?
Following 600 US companies with a market capitalization ranging from $1 billion to $6.7 billion, the S&P SmallCap 600 records profits for the prior four quarters as well as the most recent one.
What is Marathon Digital Holdings?
Marathon Digital Holdings is a technology business that specializes in digital assets. In addition to mining cryptocurrencies, the company is focused on creating digital assets and the blockchain ecosystem.
What is a Bitcoin miner?
Computer owners who contribute their processing power and energy to a Proof-of-Work cryptocurrency network, such as Bitcoin, are known as miners. Mining entails figuring out challenging mathematical riddles.
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