Marathon Digital Holdings (NASDAQ: MARA) stock fell 5% in intraday trading Thursday following the release of unaudited Bitcoin production data for March.
Marathon Digital (MARA) has disclosed a 7% increase in Bitcoin production for March, amounting to 894 Bitcoin.
As of March 31, 2024, Marathon holds a substantial reserve of 17,381 unrestricted BTC. The company opted to sell 440 Bitcoin during March as part of its strategic approach to supporting monthly operations, managing its treasury, and pursuing general corporate objectives.
The company’s financial position remains robust, with $324.3 million in unrestricted cash and cash equivalents on its balance sheet as of March. The combined balance of unrestricted cash and cash equivalents, along with bitcoin, grew from $1,461.4 million to $1,563.4 million by March 31, 2024.
In recent developments, Marathon Digital finalized the acquisition of a 200-megawatt Bitcoin mining data center in Garden City, Texas, previously owned by Applied Digital Corporation (NASDAQ: APLD).
Marathon Digital (NASDAQ: MARA) Stock Movement
MARA stock dropped 4.92% to close at $18.47 on Thursday. The traders had exchanged hands with 56,384,387 (56.38 million) shares compared to the average daily trading volume of 79.94 million. MARA has a market capitalization of $5.22 billion.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
