What's Going On With Bitcoin-Related Stock Marathon Digital

Marathon Digital Holdings Inc MARA is trading lower by 1.27% to $11.68 Friday morning as the stock pulls back following Wednesday strength in crypto names.

What Happened?

The cryptocurrency market this week experienced a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More

What Else?

Bitcoin mining requires significant investments in specialized mining hardware and energy costs. When the price of Bitcoin goes up, the revenue generated from mining increases, while the mining costs remain relatively stable.

This can lead to an expansion of profit margins for mining companies like Marathon Digital.

According to data from Benzinga Pro, MARA has a 52-week high of $18.88 and a 52-week low of $3.11.