With Bitcoin gaining momentum, BTC mining stocks are going along for the ride.
Marathon Digital (SYM: MARA), for example, is starting to pivot higher again, as Bitcoin tacks on another $1,367. Helping, Donald Trump and running mate J.D. Vance are both pro-crypto, which could help clear some regulatory hurdles, and create a far more favorable environment for digital assets if he wins the election.
Better, the company just announced that it “purchased $100 million of bitcoin and currently holds over 20,000 BTC on its balance sheet. Furthermore, effective immediately, MARA will adopt a full HODL approach towards its bitcoin treasury policy, retaining all bitcoin mined in its operations, and will periodically make strategic open market purchases.”
Marathon earnings have also been strong.
In its first quarter, sales soared 223% to $165.2 million. Net income jumped about 184% to $337.2 million year over year. Adjusted EBITDA also jumped 266% to $528.8 million. Even better, it increased its BTC holdings by 28% year over year to 2,811.