Shares Of Bitcoin Miner Marathon Digital Are Moving Higher: What's Going On?

Marathon Digital Holdings Inc MARA shares are trading higher Wednesday. Here's a look at what's going on. 

What To Know: HC Wainwright & Co. analyst Kevin Dede maintained Marathon Digital with a Buy rating on Wednesday and raised the price target from $20 to $24.

The positive analyst coverage comes a day after Marathon Digital shares rallied more than 10% after the company said it entered into a definitive agreement to acquire two Bitcoin BTC/USD mining sites for $178.6 million.

The two sites are expected to add 390 megawatts of capacity to Marathon's Bitcoin mining portfolio, which currently has 584 megawatts of capacity. Marathon Digital said it will fund the acquisition with cash from its balance sheet. The transaction is expected to close in the first quarter of 2024.

Marathon Digital shares also appear to be moving higher alongside the price of Bitcoin. At the time of publication, Bitcoin was up 1.71% over a 24-hour period at $43,633. Bitcoin is up approximately 160% since the start of the year.

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MARA Price Action: Marathon Digital shares were up 6.65% at $23.43 at the time of writing, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.