Exclusive: Marathon Digital CEO Says Bitcoin Mining Competitors 'Have A Lot Of Catching Up To Do'

Marathon Digital Holdings MARA is one of the original Nasdaq-listed Bitcoin BTC/USD mining stocks, CEO Merrick Okamoto said in an appearance on Benzinga's "Power Hour" YouTube show Monday. 

More companies are joining the sector, but "they have a lot of catching up to do," he said. 

What Makes Marathon Digital Unique: Marathon partnered with a utility company and placed all of its miners adjacent to a power facility, the CEO told Benzinga. 

This dynamic helps seperate Marathon Digital Holdings from its competitors, he said.

"Every day we add miners and every day the number of Bitcoins we produce is going up."

Marathon Digital Holdings started aggressively buying mining machines at the right time, Okamoto said.

"It's just great timing."

The company has come up with a cost-effective power solution that allows it to be "the low-cost provider in North America for creating Bitcoin," the CEO said. 

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Marathon Digital's Financials: Marathon Digital Holdings is holding about $215 million in cash. The company has about $515 million in liquidity on its balance sheet and is debt-free. 

"Power Hour" host Luke Jacobi asked Okamoto about the company's plans moving forward. 

"We don't plan to sell it," the CEO said of Marathon Digital's Bitcoin holdings.

The company wants to give investors a Nasdaq-listed investment opportunity "almost like an ETF," he said. 

MARA Price Action: Marathon Digital Holdings gained 15.78% Monday, closing at $56.56.

Image by Gerd Altmann from Pixabay.