With Bitcoin attempting to push aggressively higher, keep an eye on mining stocks, like Marathon Digital (SYM: MARA). That’s because as the value of BTC increases, the value of mining stocks also tends to increase, most times.
Helping, the mining stock produced another 705 BTC in September, which brings its total BTC holdings to 26,842.
In addition, according to Chairman and CEO Fred Thiel, “In September, the strength of our globally diversified operations was evident as we achieved significant uptime and increased our energized hash rate to 36.9 EH/s, reflecting 5% growth from August. Block wins during the month increased 6% from August while BTC production grew 5% to 705 BTC. We are proud to have surpassed a marathon worth of bitcoin HODL in September and currently have almost 27,000 BTC on our balance sheet.”
Even better, analysts at Macquarie just initiated an outperform rating on MARA with a price target of $22 a share. The firm noted that MARA continues to strongly control the largest deployed capacity of the Bitcoin miner peer group.