Bitcoin-Linked Stock Marathon Digital Is Surging: What's Going On?

Marathon Digital Holdings Inc MARA shares are trading higher Wednesday amid strength in cryptocurrencies, led by Bitcoin BTC/USD and Ethereum ETH/USD.

The crypto market has been trending lower in recent weeks amid a selloff in broader risk assets, but crypto bounced off the lows last week and has since staged a recovery. Bitcoin has traded higher by nearly 20% over the last week, while Ethereum has surged by more than 48%.

Marathon on Monday announced that it has secured approximately 254 megawatts of new hosting arrangements for its Bitcoin mining operations from a variety of hosting providers.

As a result, the company said it believes it has secured enough hosting arrangements to support the company's previously stated goal of approximately 23.3 exahashes per second of computing power for Bitcoin mining.

Related Link: Why Bitcoin-Related Stock Applied Blockchain Is Soaring

MARA Price Action: Marathon Digital has a 52-week high of $83.45 and a 52-week low of $5.20.

The stock was up 6.2% at $13.70 at press time, according to data from Benzinga Pro.

Photo: Miloslav Hamřík from Pixabay.