Shares in Marathon Digital Holdings, Inc. (NASDAQ: MARA) skyrocketed 29.14 percent in an afternoon trading Wednesday. This surge follows a recent report stating that the U.S. federal appeals court has ruled against the SEC’s decision to reject Grayscale’s application for a spot bitcoin ETF.
The court’s decision to overturn the SEC’s rejection carries potential positive implications for the entire cryptocurrency industry. This ruling has the potential to boost optimism among investors, particularly those with an interest in companies operating within the cryptocurrency space. Notable companies in this realm include Marathon Digital (NASDAQ: MARA), Riot Platforms, Inc. (NASDAQ: RIOT), and Coinbase Global, Inc. (NASDAQ: COIN).
It also indicates a growing willingness on the part of regulatory bodies to embrace cryptocurrencies. Such a trend could reignite enthusiasm from institutional and individual investors. This applies not only to cryptocurrencies but also to companies involved in their mining (Marathon Digital, Riot Platforms) and trading (Coinbase Global).
Price Action: As of press time, Marathon Digital Holdings stock is trading at $13.69, with a trading volume of 68,430,416 (68.43 million).
Founded in 2010, Marathon Digital Holdings is a technology company focused on mining digital assets. The company was previously known as Marathon Patent Group, Inc. It changed its name to Marathon Digital Holdings, Inc. in February 2021. It is based in the United States.