Bitcoin Mining Stock MARA Holdings Is Surging Monday: What's Going On?

MARA Holdings Inc MARA shares are trading higher Monday as Bitcoin BTC/USD hovers around all-time highs. The mining company announced additional capacity in Ohio. Here’s a look at what you need to know.

What To Know: Bitcoin traded higher over the weekend and is hovering near all-time highs on Monday as the rally in risk assets following Donald Trump’s election win continues. Most anticipate a more favorable regulatory environment under Trump, who has positioned himself as pro-crypto.

Bitcoin was up about 3.14% over a 24-hour period and nearly 20% over the past week, trading around $82,100 at the time of writing, according to Benzinga Pro.

Bitcoin miner MARA Holdings on Monday announced the addition of approximately 372 megawatts of owned and operated compute capacity across three sites in Ohio. The additions include two data centers offering a combined 222 megawatts of capacity, as well as a third data center expected to add 150 megawatts of compute capacity.

The three facilities have a combined approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025. The company expects these sites to accelerate progress toward achieving its 2024 target of 50 EH/s.

“Through MARA’s proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt, based on approved capacity and after customary adjustments,” said Salman Khan, CFO of MARA Holdings.

“This is one of the lowest disclosed multiples amongst our larger publicly traded peers and demonstrates our unmatched ability to deliver accretive acquisitions. Furthermore, these data centers will increase our total owned and operated compute capacity by over 70 percent.”

See Also: Dogecoin Explodes For 86% Weekly Gain: What Is Going On?

MARA Holdings is due to report earnings for the third quarter after the market close on Tuesday. The company is expected to report a loss of 26 cents per share and revenue of $151.67 million, according to estimates from Benzinga Pro.

MARA Price Action: MARA Holdings shares were up 13.4% at $21.84 at the time of publication, according to Benzinga Pro.

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